Be Careful about UPI Call Merging Fraud: Secure Your Bank Account by Following These Security Tips
Over the last few years, there has been a sudden spike in UPI (Unified Payments Interface) scams, wherein fraudsters are adopting a method known as "call merging" to cheat users into sharing confidential details. This is a scam that can potentially weaken your bank account security, so it is necessary to know how scammers work and be careful accordingly.
How the UPI Call Merging Scam Works
The scam starts with a fake call, where the caller pretends to be your bank representative or a UPI service provider. They might ask you to confirm your account information or tell you about a suspicious transaction. To build trust with you, they might even share some of your personal information with you, which they might have gathered through phishing or other means.
Once you're on the call, the scammer will instruct you to download a third-party app or click on a link to confirm your account. This is where the "call merging" trick comes in. The scammer will then merge the call with another fake call, which will be shown as if it's from your bank's customer care number.
The Scammer's Goal: Getting Your OTP and Hijacking Your Account
The scammer's ultimate aim is to get hold of your One-Time Password (OTP), which is delivered to your registered phone number for authenticating transactions. Once they get their hands on your OTP, they can proceed to make unauthorized transactions from your account.
Safety Tips to Keep Your Bank Account Secure
Avoid being a victim of this scam by following these important safety tips:
Confirm the caller's identity: Be careful while receiving calls from unknown numbers. Confirm the caller's identity by requesting their name, designation, and reason for the call.
Never provide sensitive information: Never provide your account information, OTP, or any other sensitive data over the phone or through a text message.
Take precautions against suspicious apps and links: Do not download apps or open links from unreliable sources, which can have viruses that can infringe on the security of your account.
Take strong passwords and PINs: Take strong, unique passwords and PINs for your bank and UPI application accounts.
Verify your account periodically: Check account statements and your transaction history often to identify fraudulent activity.
Register for SMS alerts: Sign up for SMS alerts with your bank in order to be informed about transactions and account activities.
With an understanding of these safety precautions and by keeping watch, you will be able to keep your bank account from being the victim of UPI call merging fraud as well as other phishing tactics. Just be better safe than sorry!