How to Protect Yourself from Online Payment Fraud By Using UPI Apps and E-Wallets

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With the the volume of online transactions in India, avoiding online payment fraud when using UPI apps or e-wallets is becoming increasingly difficult. According to data provided by the National Payments Corporation of India, the total number of transactions made via the Unified Payments Interface (UPI) in February 2021 was 2.29 billion (NPCI).

As more people in the country use UPI apps and e-wallets to make payments, the risk of online fraud is increasing. Scammers keep coming up with new ways to steal people’s hard-earned money. Many of these victims have taken to social media to share their stories.

People who live in rural areas and are new to the world of digital payments are among the victims of online payment fraud, as are many people who live in urban areas and often use UPI apps and e-wallets. In a recent event, Harshita Kejriwal, the daughter of Delhi Chief Minister Arvind Kejriwal, was reportedly defrauded of Rs. 34,000 while attempting to sell a sofa online. A man posing as a buyer contacted Kejriwal and said he would send a small sum to her bank account to validate it. According to media accounts, he initially gave her Rs. 2 and asked for clarification. Following that, he allegedly sent her a QR code that allowed him to withdraw funds from her bank account.

Avoid making eye contact with strangers.

Avoiding communicating with strangers in any means is one of the first steps you should take to defend yourself from online fraud. It’s important not to communicate with strangers over the phone or by text message unless the situation is extremely urgent and inevitable. Banks also advise customers not to give out personal or transactional information, such as their UPI PIN or OTP, to people posing as banking officials who contact them via email or phone.

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