SBI account holder loses Rs 6.8 lakhs while using UPI: How to avoid such fate

On December 4, Mohan Lal got to know about this fraud. Later it was found out that from September 29, systematically scamsters have taken out money from his account. . National Payments Corporation of India (NPCI) has always claimed that UPI app is very secure. 

Some reports claim that there are ways to access bank accounts by hackers by misusing UPI. If they know the account number, that is one important step. If they can get duplicate sim of a person by blocking the real sim of an unsuspecting individual, then all it is needed is to link the phone number and the account number. Post that UPI App can be used to withdraw money. 

Cyber Law Expert, Dr Karnika Seth, was quoted by Zee Business Online saying this may have been due to a glitch. She also said, "Not getting informed via a text message alert or an e-mail is against the RBI policy." 

She said there is also a possibility of the UPI account getting hacked by a third party, external hacker or a fraudulent call where frauds, hiding their real IDs, discuss unusually attractive offers or try to get the bank account holder to talk about their bank account details pretending to be a bank employee. 

"Another reason for the fraud can be when the user compromises on his/ her password and disclose it to the other person," she said. This is a threat to the safety of the monetary transactions. Cyber Security Expert, Sanyog Shelar, said to Zee Biz, "When you create a UPI account it comes with security.

To avoid such fraud, users are advised to be extra cautious while making a financial transaction on the internet. Do not click on any dubious links and websites. 

Besides, users should be wary of phone calls asking their bank details or any information related to their bank account. You should know that your bank or any financial institution will never ask for such details via phone call or any other medium. 

Avoiding linking UPI with third party apps is good safety procedure according to experts. Sanyog Shelar was quoted by Zee Biz as saying. "Avoid Using your actual UPI services on third-party apps which are available in the market with a lot of offers, cashback, amazing offers you are not aware of the maintenance of security. Always verify the particular app"

First, you should inform the police and the cyber cell may be helpful to track the money trail. If you are using any Google app, there is a possibility of getting money back,if the tech giant finds your claim valid after proper investigation. 

However, if the money has gone from any bank account, and the bank isn't directly at fault, getting hard-earned money back is extremely uphill task in such cases.