Things You Should Know About UPI Scam

“Congratulations, you have won a welcome bonus of Rs.10,000 from LTIAS gaming. Click here and claim your rewards!”

Such a message pops up on your screen. WAIT! Do not click on that because that can very well be a scam. Platforms may reward you, but this exciting bonus from LTIAS gaming can very well be a scam! You click on the UPI link with a big smile, planning how you are going to spend the money. But you are yanked back to reality as you see the notification on your screen saying Rs.10,000 has been debited from your account. Does not matter how many times you rub your eyes – it says debited and not credited. The link that was supposed to be your one-way ticket to earning money turned out to be a scam.

This is what we call the Fake UPI Collect Request Scam. Not just rewards; there are many ways this can happen. At Kotak811, we are dedicated to helping our customers prevent all sorts of scams. With our #ScamKaSiren campaign in motion, we are here to tell you how Fake UPI Collect Request Scam can empty your bank account and how you can prevent it.

How Fake UPI Collect Request Scams Work?

Before you know how to avoid stepping into the trap, you need to see how the traps are being set. Here you go:

The Scammer

It could be anything, like someone pretending to be:

• A platform offering rewards or welcome bonus
• A customer care representative offering a refund on something you bought
• A buyer purchasing something from you on the online marketplace
• A recruiter asking for an enrollment fee
• A landlord asking for a small deposit
• And more

The Scam

You click on the UPI link they have shared. It takes you to a page that looks similar to your UPI portal or looks reliable in general. You share your details, allowing the scammer to get hold of your personal information and issue unauthorised transactions.

Visiting such links can also initiate the auto-installation of some malware that gives the scammer remote access to your device.

Regardless of how it happens, instead of receiving the money, you might be enabling the scammers to empty your account.

How to Identify the Scams

Here are some ways to identify Fake UPI Collect Request Scams:

Unexpected Payment Requests – Beware!

A key to separating scams from actual credits is your knowledge of the same. Did you sign up for any reward or refund? If not, then how is someone sending you one? Unexpected payment requests, including the ones where someone claims to be sending you the money, should not be trusted blindly.

Fake Sense of Urgency – Beware!

When any representative of a company or platform contacts you with any kind of reward or refund, why do they need to hurry? They should explain everything to you and help you smoothly navigate the process, right? If you sense an urgency in their tone or demeanour and you don’t find any reason for urgency, be cautious and avoid participating in any transaction.

Payment Request from Unknown & Unverified Number – Beware!

Again, if a representative of some business calls, texts, or mails you, it should come from a verified number or mail ID. If you have been contacted through any means that you cannot confirm, be careful.

Payment Purpose Mismatched – Beware!

Suppose someone contacts you to inform you how you have won some reward or refund, and they are sending you a link for the same. When the link comes, you can see it is for a debit and not a credit. Well, the scammers think they are very intelligent; they might be, but that doesn’t mean we are not any less. Proceed with caution, and if the link or message doesn’t look like what you are being told, know it could be a scam.

OTP or PIN Request – Beware!

If someone is sending you money via UPI or online banking, they do not need any OTP or PIN from you. The only times when you will be asked for OTP or a PIN is when you are sending the money. It is a safety mechanism to ensure all payments done via your device have been authorised by you.

Spelling or Formatting Errors – Beware!

This one is a little funny, but sometimes, scam texts or emails may have spelling errors. The formatting can be completely off and not like the professional communications you receive from businesses. If you come across such errors, it is best to confirm their validity before you proceed.

Wrapping Up!

Kotak811 has several safety mechanisms in place to protect our customers from scams. Now, we also encourage our customers to stay alert and avoid fraudulent situations. Take a good look at all the details we have shared. Keep yourself updated on the different types of scams that are happening. Do not permit any transactions without verifying their authenticity.

Join #ScamKaSiren with Kotak811, and let’s pour some ice-cold water all over the scammers’ plans!

If  you have been scammed online, immediately contact your bank, report the scam to the authorities like the National Cyber Crime Helpline at 1930 or the National Cyber Crime Reporting Portal (https://cybercrime.gov.in/)and document everything related to the scam. 

This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.