The pandemic gave a big boost to online payments in India. The massive shift to cashless money transfers using unified payment interface (UPI) apps is still a recent phenomenon in the country. That has not stopped scammers from coming up with creative ways to swindle people using popular mobile payment apps.
Fraudsters are reportedly using a new “payment mistake” tactic to dupe users. According to recent reports, cybercriminals have managed to loot a staggering Rs 1 crore from 81 people in Mumbai by exploiting their lack of awareness.
Here’s how the scam works: The fraudster sends money to the victim’s account through UPI app and then claims it was sent by mistake. The victim is then asked to repay the amount to the caller’s number.
However, if the user repays the money using these UPI apps, their entire data, including their bank and KYC details such as PAN and Aadhaar, become available to the fraudster, courtesy of a malware. This information is enough for the scammer to hack into the victim’s bank account and cause further damage.
Pavan Duggal, a renowned cybercrime expert based in Delhi, told Livemint that this modus operandi is a sophisticated mix of malware phishing and human engineering. He highlighted why this could be challenging, stating, “this is a mix of malware phishing plus human engineering and hence existing anti-malware software may not be sufficient to safeguard Mobile payment application users from this online fraud.” Instead, he recommends that users respond to such calls by telling the scammer that they have alerted their bank to the issue.
Duggal also suggests that users direct the caller to the nearest police station to collect the money rather than repaying the amount through the app. One must also not send a screenshot of the payment being sent to a stranger since that establishes personal communication and opens the gate to much of your sensitive information.
In light of this new scam, it is essential for users, especially younger populations who extensively use mobile payment apps, to remain vigilant and take appropriate measures to protect themselves from potential fraud. By staying informed and taking necessary precautions, users can help ensure that their online transactions remain safe and secure.
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