UPI fraud! How scamsters steal Rs 20,000 after paying ‘Rs 200.00’

New Delhi: Financial Frauds are on the rise. As people become aware of one fraud, scammers come up with another one. Nowadays, instead of asking for money, fraudsters are sending it to your account. But there is a catch. Scammers are calling victims and claiming to send a good amount of money to their bank account and asking to return it. If you use UPI for payment then find out how this scam is being conducted so you don’t become the next victim.

What is the new UPI payment scam?

The name of the victim in our story is Raj. He is on his way to the airport to catch a flight. He is already panicking because he is late and checking the ETA on his phone again and again. Suddenly a phone rings. The caller says hello in a troubled voice. He said that he had wrongly transferred Rs 10,000 to Raj’s UPI number and pleaded with him to return the money.

Raj doesn’t believe him, so he asks to check the message of UPI payment. Raj checks his mobile and finds a text message related to money credited by an unknown number. He asks for some time. However, the caller requests that he is already at a medical facility and needs the payment to purchase medicines for his mother. Raj was not convinced so he cut the call. But the caller kept pestering him. As Raj reached closer to the airport, he thought of getting good riddance of him and transferred the money in haste. Now, finally Raj reached the airport and boarded the flight.

Why is UPI not working?

With his flight to take off Raj thought of checking the payment text message. To his horror, Raj finds out that the caller had sent him only Rs. 200. In haste Raj misread ‘Rs 200.00’ as Rs 20,000 and transferred the money without checking again. Raj realised that he had been scammed.

UPI Overpayment scam

Raj became a victim of the UPI Overpayment scam. In this fraud, scammers contact the victim claiming that they have wrongly transferred an amount of money.

Scammers often portray themselves to be in trouble so that the victim finds them to be genuine and falls for the bait.
The scammers transfer a small amount and request the victim to send a larger amount.
The key here is the decimal which is strategically placed in the middle of the 5-digit number.
This acts as an optical illusion and the victim often ends up sending a higher sum to the scammer.

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How to avoid losing your hard-earned money?

Remember that scammers prey on urgency. They don’t want to give you time to check. So, no matter what the scammer says, always scrutinise and verify details before sending money.

The SMS template shows up to two decimal places of the amount. This could be misleading if someone is in a hurry. That is why, check the payment status in your bank mobile app. Cross-check the amount with the total amount of your savings account. If scammers have duped you of your money then, immediately report it to the bank and the UPI app provider. File a complaint with the cyber cell and National Payments Corporation of India at this link.

 UPI fraud alert: UPI users are falling prey to an overpayment scam in which fraudsters take advantage of their lack of attention to dupe them of Rs 20,000.  Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today