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UPI Payment
AADHAR Cyber Fraud CyberCrime KYC Scam Online Payment Fraud PAN Reserve Bank UPI Payment

Viral KYC Scam in Mumbai Steals Rs 1 Crore from 81 Users

 


The UPI (Unified Payment Interface) payment system has significantly changed how online payments are made in India. The UPI system allows banking customers to transfer money instantly across bank accounts for all kinds of transactions, including online shopping and airline reservations, as well as grocery and vegetable purchases from roadside vendors. 

UPI daily transactions have increased from 24 crores a day in February 2022 to 36 crores a day. This is according to a Reserve Bank of India report. There is no doubt that online payments have grown in popularity, but they have also become a crucial hub for committing internet fraud as a result of the same.

There has been a significant rise in online payment activity in India since the pandemic. A newly implemented implementation of unified payment interface (UPI) applications has been implemented in the country to facilitate cashless money transfers. This shift is not widespread yet. 

Nevertheless, people are kept in the dark about such apps, and scammers have developed creative ways to swindle them. 

A widespread UPI fraud case has surfaced. Online con artists exploit "payment mistake" strategies to defraud victims and steal funds from their bank accounts connected to UPI. According to reports, 81 Mumbai residents have been cheated out of Rs 1 crore by a viral UPI scam that has spread across the country. 

As soon as the fraudster sends money to the victim's account through the UPI app, they claim that the transaction was a mistake, then return the money to them. Once the victim has been contacted, the caller asks for payment to continue the call. There is a possibility, however, that the fraudster could gain access to all the user's personal information if the user funds back via one of these UPI apps. Bank account details, and KYC information, such as PAN and AADHAR number, are among the information included in this. As a result, the con artist can then hack into the victim's bank account and do more damage to the victim based on the information in this file. 

An experienced cybercrime expert in Delhi, Pavan Duggal, argues that this approach combines malware phishing with social engineering to create a sophisticated blend of cybercrime attacks. Adding to the difficulty of this, he explained that it is a combination of malware phishing with human engineering that is making users of mobile payment applications vulnerable to online fraud. Therefore, current anti-malware programs may not be sufficient in protecting users. In response to such calls, he advises users to inform the con artist that they have notified their bank about the issue. 

As a result of scammers using applications that utilize UPIs to send money, such as Google Pay, the average individual is scammed. According to the FIR and victim statements, they then call them to claim that they made an error in transferring the funds to the account. A mystery caller calls a particular individual using the phone number that has been provided to ask them to return the money to them by using the same number. The con artists take money from a person's bank account as soon as they are sent money back in case they are sending money back in the form of UPI. 

Mr. Douggal advises users to say to the caller that he or she should pick up the cash at the nearest police station. The repayment should not be made through the app itself. It is also important to not take a screenshot of the payment being sent to a stranger as this establishes a personal connection with the person and will also allow access to their sensitive information. 

In case the victim pays back the money using an app called UPI on the victim's smartphone, the malware will infect the smartphone infected. Con artists can access all of their confidential data, including bank account details and KYC (Know Your Customer) information, including PANs and AADHAARs. 

When the con artist has this information, anyone can access the victim's bank account to continue harming anyone. 

As a security precaution, you must look for possible frauds and take appropriate steps to safeguard yourself against them. You can ensure your online transactions are safe and secure by knowing what to look out for and taking the necessary precautions.
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SMS
Cyber Attacks Cyber Fraudsters Cybersecurity HDFC Banks PAN Phishing Scams PIB SMS

Stay Alert Against Messages Like 'Account Suspended, Update PAN'



Banking fraud has increased in recent years. There has been an increase in digital phishing attacks claimed by HDFC Bank customers as the social media outcry has mounted in recent days. Several HDFC Bank customers reported to the authorities that many of the incidents involved phishing SMSes that they received in February. 

There are indications that they have adopted a revised method of operation to step up their efforts to protect others which may have been the case. To strengthen cybersecurity measures, phishing links masquerade as verification processes as part of their phishing campaign. 

There has been a significant number of customers who have been receiving false text messages in the last few days, which claim that they have been blocked or suspended because they have not updated their Permanent Account Numbers (PAN) because their PAN has not been updated. The message you are receiving is a fake one, so keep an eye out and be aware of it. 

The Public Information Bureau (PIB) has recently issued a warning to the customers of the State Bank of India (SBI) regarding fake messages purporting to be from SBI officials that claim the recipient's YONO account has been disabled as a result of a power cut. 

One of the most common ways scammers use to trick people is through phishing SMS messages, which is one of the methods they use to steal their money in different ways. Cyber fraudsters use phishing bank SMS as a means of scaring people away by telling them their bank account has been suspended by cyber thieves. 

A link is attached to the SMS and it asks the users to click on it to update their KYC or PAN details. The problem arises, however, when someone is tricked into believing that the SMS is legitimate and clicks on the link, and their phone is hacked and money is lost. 

Often more common than you might think is phishing SMS fraud. Most banks have issued an advisory informing customers not to be fooled by them. Earlier this month, HDFC alerted its customers that these types of frauds have been taking place. 

There was a viral HDFC bank SMS sent to some of its users that they received on their mobile phones. Some of their users tagged the bank with the message. There has been an attempt by fraudsters to create a fake HDFC Bank website, giving the false appearance that there is a verification process when it is not. HDFC customers have now received a link with the details of the offer.  

An alert was sent by Manoj Nagpal, the CEO of Outlook Asia Capital, who posted a picture of the infected email to Twitter with a description of what he had seen. The same message has also been received by many other customers as well. It has been recommended by Nagpal that people should refrain from clicking on links that have been sent via email or SMS.  

What Are the Methods Used by Fraudsters?

To use fraudsters to commit fraud. Here is how HDFC bank explains how this happens. 

First step: The fraudsters create bogus emails impersonating bank employees that ask consumers to activate a link in the email that instructs them to verify or update the account information in their accounts as soon as possible. 

Second step: When a customer clicks on the link provided by the email, the victim is taken to a fake site that appears to be the official website of the Bank. There is a web form on this site that allows the customer to enter their personal information so that we can communicate with them. 

If you doubt any SMS request, report any suspicious SMSes, or confirm a bank alert with a bank manager to avoid having your account hacked, make sure to check the sender's identity before acting on it.   

 A two-factor authentication system should be implemented for online banking to keep personal information secure. The OTP and password that you used to access your account must be entered every time you want to access it. Using your fingerprints as a second password is even possible if you have a secure device. The message you receive should not be clicked on and any unidentified links should be deleted.    

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