The use of online payments in India has greatly expanded as a result of the COVID-19 pandemic. It is mentioned con artists have come up with creative ways for internet fraud.
UPI Payment Error
In this regard, the Central Bank of India reports that the number of daily transactions supported by UPI increased from Rs 24 crore to 36 crore in February 2022.
Fraudsters are now luring victims with a new line of argument called payment error. Fraudsters in Mumbai were able to steal Rs 1 crore from 81 UPI users.
As per the reports, users of online payment applications may not be sufficiently protected against this internet fraud by current anti-malware software.
These fraudsters hack into their UPI account and withdraw money directly from their bank account when UPI user sends the money back.
