Maya Venkat, a 28-12 months-vintage Bengaluru-based totally yoga instructor, stored herself from a fraudulent transaction of Rs 14,000 whilst the usage of the Unified Payments Interface (UPI) utility. She turned into trying to promote her mattress on OLX, a platform for buying and selling goods.
On 21 May 2019, a person (fraudster) messaged Maya on OLX, inquiring approximately the product and negotiated on the rate. After nominal bargaining, she determined to sell the bed to this man or woman for Rs 28,000. Later, the man or woman requested if half of the amount as the deposit is appropriate to freeze this deal and whether or not he should switch this quantity the use of any of the UPI apps.
She right now agreed to close the deal and asked for a deposit of Rs 14,000 the use of PhonePe (UPI app). After a couple of minutes, he gave a name to Ms. Venkat and engaged her in another conversation approximately how the furnishings could be transported, location, and so forth.
Herein lied the trick. Recalls Maya, “In the middle of this discussion, the man or woman stated that he had sent a request at the UPI app for the improvement amount of Rs 14,000 as mentioned and frivolously asked me to accept it simply.”
Maya kept the decision on a preserve and checked the message at the UPI app requesting to obtain the quantity. She was taken aback to look a pop-up message on UPI app from the character and understood that the request changed into to transfer the amount from her account to his account.
Had she familiar the request and entered the PIN to complete the transaction using staying on the call with the person, she could have misplaced Rs 14,000.
She referred to as the consumer once more and requested for evidence. The person feigned ignorance and said that he could look for an alternative way to switch the quantity to her. However, the individual didn’t method her once more.
According to the National Payments Corporation of India (NPCI) information, the whole wide variety of UPI transactions has reached seventy-nine.95 crore in March 2019, up from 17.Eighty crores in March 2018 and sixty two.01 crore in December 2018. There has been an increase in the general price of UPI transactions as well – Rs 1.33 lakh crore in March 2019 versus Rs 24,172 crore in March 2018. Therefore, it is crucial for clients to be aware of fraudulent transactions.
Be alert to switch requests on UPI
Fraudsters take gain of the ‘request cash’ option on UPI apps inclusive of Bharat Interface for Money (BHIM), Google Pay, PhonePe, and many others. Imposters show hobby in buying a product advertised on various online structures and interact with the vendor on a smartphone name. They make the seller of the product to transfer the cash using UPI apps’ ‘request money’ option. There had been several times of such frauds within a last couple of months.
Maya makes guidelines to overcome this menace. “Companies have to exchange the user interface of the app in a way that user may be extra alert when request cash window pops up at the display screen. Also, without a doubt mention that when accepting this transaction (request), your account may be debited with Rs XYZ quantity.” A gift, to make it person friendly, Google Pay explicitly factors out the direction of the money waft within the person interface to make it clean for the user to differentiate among send and get hold of requests.