Have you ever wondered if the convenience of digital payments may lead to cyber fraud? Cyber attacks are becoming more common these days, and with scammers’ unique techniques, just with a click, you could actually lose everything, including your money and personal data. The increasing popularity of UPI transactions has become a golden opportunity for cybercriminals to carry out fraudulent activities.
This two-part series will explore the world of cyber fraud and UPI fraud protection. You’ll learn about its fraud types, how it works, warning signs, and tips for staying safe.
What are Cyber Frauds and How Do They Work?
Cyber frauds are online crimes carried out to gain unauthorised access to personal and financial information. Scammers use various unique tricks, such as creating fake apps and sending fake emails, to trick people into giving up their sensitive information.
These crimes increased at a double speed when people started using UPI as a convenient source for quick transactions. With the benefit of fast transactions, digital payment systems have become the prime source for cybercriminals to steal user account information.
To safeguard users from falling into the tricks of these scammers, brands have developed UPI fraud protection insurance, which provides financial security in case something unexpected happens.
Types of Cyber Frauds
Before going in the deep, start with knowing some of the most common types of cyber frauds carried out to target users online, especially those using digital payment platforms:
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Phishing
One of the most common cyber attacks used by scammers to trick users is phishing. It starts with receiving a fake email from a reputed source, such as banks, payment apps, or trusted individuals, containing links urging users to click and update their information. Once you click that link, your information, such as PINs, passwords, or even UPI IDs, is stolen.
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Smishing and Vishing
Smishing is an attack carried out via text message. These messages may appear from banks or payment applications, asking you to share your information or click on fake links.
On the other hand, vishing is a crime that involves phone calls from scammers pretending to be a bank or other official. Here, the attackers use tactics to make the user reveal personal information like PIN, UPI ID, OTPs, or passwords.
That’s why adding UPI fraud protection insurance is essential to help you cover financial loss if you fall into a scam.
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QR Code Scams
The rising use of QR codes to make payments has created a new opportunity for scammers to easily create these codes and direct the payments to their accounts rather than the recipient. These cyber attackers even pose as genuine customer service agents asking you to verify your account information by sending a fake QR code.
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SIM Swapping
In SIM swapping or SIM cloning, scammers try to get access to your SIM card or duplicate it, considering all your accounts are linked with that number. Here, you may get a call from criminals pretending to be the phone operator and trying to convince you to share the details or get a SIM upgrade and gain benefits. Be cautious if you face problems receiving OTPs or have regular network issues.
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Fake UPI Apps
Scammers create duplicate UPI apps, tricking users into downloading and sharing their information. These platforms appear to be legitimate on app stores or search engines. To avoid this, only download official apps and use UPI fraud protection as an added layer of security.
Conclusion
To learn about cyber fraud, you first need to understand the types of attacks in order to beware and safeguard your data. Awareness is the best defence against cyber attacks and helps you financially if you encounter any scam. To add extra security and use digital payments with zero stress, you can go ahead and take UPI fraud protection insurance from reliable platforms.
Now that we have discussed the types, it’s time to take the awareness to the next level and learn more about cyber attacks with Cybersecurity Awareness: Be Cautious of These Cyber Frauds (Part 2). Here, we’ll discuss essential tips to stay safe and warning signs to help you identify potential threats.
