If you receive money from an unknown number, here’s why you need to be extra careful

Scam alert: here’s how scammers conned individuals

After sending money to the victim’s account using the UPI app, the scammer says the transaction was made accidentally. The victim is then asked to contact the caller’s phone number and send money. The scammer will be able to access all of the customer’s information, including bank information and KYC data like PAN and Aadhaar if the user returns the money through one of the UPI apps. With this information, the con artist can access the victim’s bank account and steal money. The details of how this scam is being executed are still unclear. 

According to famous Delhi-based cybercrime specialist Pavan Duggal, this UPI scam combines malware phishing with human engineering. Therefore, current anti-virus software might not be enough to protect users of mobile payment applications from this online fraud. He also cautions UPI users not to fall for such scams.

What did PhonePe say about the scam?

After several publications reported the news, including Duggal’s comment, PhonePe issued a statement and called those articles ‘misleading’ because the reports suggested that users’ KYC details are shared during online transactions. The platform claimed that these stories are causing erroneous concerns in the minds of Indian consumers and that they feel UPI is a safe method of money transfer.

NPCI’s statement on the viral scam

In the meantime, NPCI also released a statement on the subject, reassuring users that any payment made through UPI does not reveal the sender’s KYC information and does not result in a user’s mobile device or App being compromised. As per NPCI, UPI operates under the tenet that payments are made utilising a Virtual Payment address or UPI ID, a secure device binding technique, and a UPI PIN. A UPI transaction does not include the usage or sharing of KYC information.

In case you receive money from an unknown number, the best way to tackle is to make the settlement at the nearest police station or connect via a bank.