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Fake UPI apps imitating popular UPI-enabled apps like GPay, PhonePe, and Paytm are reportedly doing rounds on app stores, with fraudsters targeting small traders and daily wage workers. Here's the latest available information about such reported instances of fraud and what consumers can do to stay safe:


Fake UPI apps imitating popular UPI-enabled apps like GPay, PhonePe, and Paytm are reportedly doing rounds on app stores, with fraudsters targeting small traders and daily wage workers. 

Here's the latest available information about such reported instances of fraud and what consumers can do to stay safe:

 

Fraud Alert | Fake UPI apps mocking popular apps

 

Several fake UPI apps—mimicking apps like GPay, PhonePe, and Paytm—are reportedly circulating on app stores and other platforms. 

 

Fraudsters are reportedly targeting small business owners - such as shopkeepers and street vendors - and, in some cases, even daily wage workers who do not use sound boxes.

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Fraud Alert | Fake UPI apps circulating on multiple platforms

 

In the context of the UPI payments platform, a sound box is a device—typically a small, portable gadget—used by merchants to facilitate and confirm digital payments.

 

What does a sound box do? Well, it promotes the ease of use for the sender as well as the receiver of money.

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Beware! | Fake UPI apps mocking popular apps

 

These fake apps are reportedly used by fraudsters to send false notifications of successful transactions, deceiving recipients and causing them to lose the money owed.

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Stay Safe! | Fake UPI apps mocking popular apps

 

How do they work? Fraudsters are reportedly using fake apps to scan QR codes and then display fraudulent screenshots that appear to confirm payment.

 

This way, the person expecting the money believes it has been received, only to later discover it never arrived.

 

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Fraud Alert | Fake UPI apps mocking popular apps

 

Links to download counterfeit apps are being found reportedly on platforms like Telegram for as little as Rs 100.

 

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Fraud Alert | Fake UPI apps circulating on multiple platforms

 

This creates havoc for small business owners who rely heavily on UPI payments for their daily transactions.

 

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Beware! | Fake UPI apps mocking popular apps

 

Therefore, it is paramount for business owners and individuals to be more cautious while making UPI payments.

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Stay Safe! | Fake UPI apps mocking popular apps

 

What to do? 

They should regularly verify their UPI account balances directly in the app rather than solely relying on screenshots and notifications received by customers.

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Fraud Alert | Fake UPI apps mocking popular apps

 

It's crucial for everyone to stay vigilant to avoid falling victim to this new type of fraud.

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Latest news on UPI

 

The RBI has increased the transaction limit of tax payments through UPI by five times to Rs 5 lakh from the existing Rs 1 lakh per transaction. Read more on this

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Through UPI, Rs 10,000 crore of credit being disbursed every month

 

The NPCI - which administers the UPI payments platform - is witnessing a surge in the UPI credit feature, with about Rs 10,000 crore of transactions happening a month. Read more on this

 

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