Trick 3- Fake UPI Application Scam
- Fraudsters create fake UPI apps resembling legitimate ones.
- Victims enter their banking credentials, which are stolen.
- Scammers use this information to make unauthorized transactions.
3. Fake UPI App Scam (2024)
Steps of the Fraud:
- Distribution of Fake Apps:
- Fraudsters create counterfeit UPI apps that mimic legitimate ones and distribute them through unofficial channels.
- Phishing for Credentials:
- Victims download these apps and enter their banking credentials, believing the app is genuine.
- Unauthorized Transactions:
- Scammers use the harvested credentials to perform unauthorized transactions from the victim’s account.
- Account Compromise:
- Victims realize the fraud only after noticing unauthorized debits in their bank statements.