Fraud Awareness
Senior-friendly guide to protecting against UPI And KYC scams
Technology has revolutionised and simplified our lives these days. Financial transactions can be processed in a jiffy through interfaces such as UPI (Unified Payments Interface) and KYC (Know Your Customer). However, there’s a dark side to this in the form of rising cyber frauds and scams.
Both UPI and KYC scammers look for people who trust and believe them, and therefore they target elderly people for such scams. A lot of seniors have money in their bank and are susceptible to these calls when people call posing as bank or government employees. You might be wondering, how do I protect my seniors from scams, and rightly so. Here is how you can do your bit, but before that let’s understand these two scams in brief.
What is a UPI scam?
UPI is a popular payment system that lets users to instantly transfer funds between bank accounts by using a mobile device. A UPI scam is when fraudsters exploit this money-transfer platform to steal money and sensitive information from users. Different tactics employed by them range from sending fake UPI links to phishing. All this is done to obtain your OTPs, banking details, or UPI PINs to perform unauthorized transactions. You will learn tips and tricks to protect seniors from UPI scams in the course of this article.
What is a KYC scam?
Just like UPI scams, KYC frauds also occur. KYC is a standardized financial procedure where financial and banking institutions ensure authentic verification of their customers. In this, scammers impersonate financial institution or bank representatives to deceive you into divulging personal information by exploiting loopholes in the KYC procedure.
Let’s read on to find out how you can protect seniors from KYC scams.
Two red flags you must watch out for in UPI and KYC scams are:
- Calls or messages from unknown numbers pretending to be bank officials asking for OTPs, PINs, and other sensitive information.
- An urgent or threatening tone is used to push you to act immediately.
Dos and don’ts
- Don’t share your PINs, OTPs, or sensitive banking information with anyone.
- If someone pressures you to act quickly, don’t panic and end the conversation.
- Follow safe practices such as installing an anti-virus software on your devices.
- Don’t click on links from unreliable sources.
- Always verify the credibility of the UPI ID before scanning.
- Never use anything other than official websites and apps for online payments.
- If anything feels suspicious, it quite likely is, so don’t engage.
- Keep an eye on your online accounts and report any unauthorized transactions immediately.
If you or someone you know has been scammed, then here are some digital fraud safety tips for seniors:
- Dial 1930 for assistance from the cybercrime helpline.
- Contact the nearest cybercrime cell and register a compliant or file a report at the local police station.
- Contact your bank to secure your account.
As long as you are vigilant and cautious, digital banking is safe. Follow a couple of simple rules to keep enjoying the benefits and convenience of modern banking without any worry. Remember, your safety lies in your hands, and this stands true for financial safety too.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
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