Keep your crease: In order to protect UPI users from fraud, ICICI Bank advises them to adhere to the cricket technique

ICICI Bank used social media to alert customers about an increase in fraudulent UPI payment schemes. In a video that they posted, they caution users about falling for scams when con artists pretend to have received large sums of money and put pressure on their victims to refund the extra money right once. This warning comes at the same time as the RBI is reporting a marked rise in occurrences of digital payment fraud. ICICI Bank provides advice on how to prevent fraudulent transactions and promotes the swift reporting of cybercrimes.

A significant warning about the increasing danger of fraudulent UPI payment schemes has been released by ICICI Bank, and it was shared via its official social media account, X (previously Twitter). The bank released a brief instructional film to help people recognize and efficiently avoid these frauds in addition to the notice.

Customers are urged by ICICI Bank to exercise caution and not to respond hastily to unexpected UPI payment notifications. Before doing anything, the bank encourages receivers to thoroughly confirm the amount they have been paid. This is because con artists sometimes inflate numbers in order to trick people into sending more money back than they really got.

Customers are urged by ICICI Bank to exercise caution and not to respond hastily to unexpected UPI payment notifications. Before doing anything, the bank encourages receivers to thoroughly confirm the amount they have been paid. This is because con artists sometimes inflate numbers in order to trick people into sending more money back than they really got.

Scammers usually approach prospective victims by pretending to have sent a bigger amount over UPI than planned, according to an advise from ICICI Bank. Then, taking advantage of the victim's need for speed to avoid closely examining the transaction details, they put pressure on them to return the extra money right away.

The bank's alert is appropriate given the sharp increase in instances of digital payment fraud, particularly UPI transaction-related events. According to the Reserve Bank of India's Annual Report for FY 2023–24, there were 36,075 instances of this kind of fraud, up from 9,046 in the previous fiscal year.

ICICI Bank urges those who have been the victims of cybercrimes to report them to the National Cybercrime Support Center as soon as possible in response to these dangers. For support and advice, victims may also get in touch with ICICI Bank directly at 1930 or visit http://cybercrime.gov.in.

How the UPI Fraud Works

According to ICICI Bank, con artists usually trick their victims into believing they made an unintentional UPI transfer of a greater sum. They make victims feel under pressure to refund the extra cash right away, which keeps them from carefully checking the transaction data.

Preventive Steps to Avoid Fraudulent UPI Payment Schemes

Before acting, ICICI Bank urges clients to carefully confirm the amount received in order to guard against fraudulent UPI transactions. The bank notes that fraudsters often use the dishonest placement of decimals inside transaction amounts in order to deceive receivers. Customers are also advised not to share UPI PINs or personal information, to be wary of clicking on dubious sites, and to use care when they get money demands from someone they don't know