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.
8/11
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.
9/11
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.
10/11
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