When was the last time you (or someone you know) received a call from a stranger asking for your UPI pin?
Mobile wallets and apps like Google Pay, PhonePe, PayTM, etc. have an integrated payment system which executes interbank transactions within seconds.
Within 3 years of launch, Unified Payments Interface or UPI has ushered the age of making payments with ease. UPI recorded an all-time high amount of transactions worth ₹91.83 crores in August.
However, UPI users have lost lakhs due to scams. There have been instances where the UPI app stated that the transaction had failed, but the bank stated that the account has been debited. Such failed transactions usually get reversed, but when they don’t – it implies a UPI fraud.
Non-UPI users get SMSes initiating a UPI service registration- this is a major red flag. This means that a fraudster is trying to use your bank details to create an account.
If you or someone you know is a UPI scam victim, this guide will tell you what you need to do next.
As soon as you realise that a suspicious bank activity is taking place or that you have been a victim of a UPI scam- collect evidence. Take screenshots of the transaction, note the transaction ID, beneficiary’s bank account details, phone number of the fraudster, etc.
This is vital information and may help you get your money back.
Secondly, change all your passwords & PINs related to your bank account or mobile wallet.
Must Read: A practical guide on how to complain to SBI
A UPI fraud takes seconds. A person can lose lakhs in a moment.
As soon as you come to know of the unauthorised transaction, this is where you can complain about the UPI fraud-
The bank and the UPI company should be able to resolve your complaint within 10 days.
The National Payments Corporation of India (NPCI) entertains issues pertaining to fraudulent unauthorised transactions and UPI fraud complaint. Provide all the details clearly to NPCI in order to submit a complaint.
The Reserve Bank of India (RBI) has launched an Ombudsman scheme which specifically deals with digital transaction issues. You can send your complaint in writing with the ombudsman for Digital Payments. A form is also available on RBI’s website which you may use to file a UPI fraud complaint.
Be extremely cautious while transacting on app-based money wallets. You must always verify the identity of the other party before initiating a payment or sharing your details. Also, never delay in reporting such an occurrence- quick action can help your case by leaps and bounds.
Start your UPI Fraud complaint now,