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Beware Of UPI Frauds on Your Bank Accounts

Article: Cyber Crime, Cyber Security

Beware Of UPI Frauds on Your Bank Accounts

Have you ever wondered how it feels to be inside the BIG BOSS house?
Or worse, the BIG BOSS house without being aware of being so?
That is exactly what we all are, in the digital age.

Lets elaborate.

Suppose you are in need of any information regarding a malfunctioning smartphone to net banking deficiency. The prompt action that we all resort to is Google, which is a device that helps the needy as well as the notorious. Fraudsters wait and watch the search syndromes to use the high frequency keywords later to create SEO friendly fake websites to cajole you into taking the wrong step and leave yourself bankrupt.

These sites normally ask the user to call on a customer support number, download self utility applications or SMS the secret PIN to a mobile number. In certain cases fraudulent calls may also be received asking the receiver to divulge the details of his difficulty in online banking or mobile banking.

Hackers may alternatively access your contact details from social media also.

All very diverse ways to hack into your practical privacy.

Once the malicious app is installed a few digit code is generated which the user will be asked to share soon after which he will be asked to allow certain permissions. Once granted the hacker can manipulate the target account in any fraudulent way he wants.

He can see the OTP.
He may install an UPI and connect the bank account.
Steal the mobile banking details including the PIN.

In order to connect UPI to your bank account the hackers can forward an SMS to you and ask you to forward it to a specific mobile number. In some cases you may also receive a ‘collect request’ and be asked to approve it on the particular UPI application for refund.

To be safe and secure from such misleading attempts you are requested to follow a certain user agenda. That includes:

  • Avoiding calls to download third party apps
  • Uninstalling required apps
  • Enabling app-lock
  • Reporting to the nearest banking branch whenever required
  • Avoid sharing confidential banking information anywhere
  • Avoid consulting strangers for net banking

Click here to know more about ISOAH and its anti hacking audits.
Read on to know more about banking frauds and ways to avoid it - www.isoah.com/how-to-avoid-atm-skimming-frauds-in-india.php

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