There's no denying that the unified payments interface (UPI) has emerged as the most preferred digital payment method for Indians.

More importantly, with the rise in payments, UPI-related fraud cases have gone up. According to the finance ministry, more than 95,000 fraud cases of UPI transactions were recorded in the country in 2022-23, an increase from 77,000 cases in 2020-21, and 84,0000 cases in 2021-22. Several types of frauds take place on the UPI platform. Also, none of these are because of issues with the UPI itself but are modes of deception.

Phishing scams Scammers can send you unauthorised payment links via SMS. These bogus bank URLs will look identical to the original URL. If you click on that link, it will take you to the UPI payment app installed on your phone and will ask you to choose any of the apps for auto-debit. Once, you give the nod, the amount will get debited from the UPI app immediately.

Banks and government agencies and other financial institution never ask for financial information via SMS. In the case of a UPI fraud, bring it to the notice of the bank or e-wallet company and get the wallet blocked to prevent further losses.

Request money Fraudsters send 'request money' links to the customer. Once the customer clicks on the fake link and authorises the transaction thinking they'll get money, the amount gets deducted from their account.

Never make transactions to any random website which is asking you to claim rewards, cashback or money by making test transactions. Money transfer by mistake Cyber criminals usually send some amount via UPI apps such as Paytm, Google Pay, PhonePe and so on to their potential target and then call them saying it was a mistake. Following this, the fraudster shares a link with the target, asking them to use it to return the money. If you click on the link, you will lose control of your digital wallet and bank account, which then becomes accessible to the cyber criminal.

QR codes Another new method being used by scammers is via QR codes. The scammer tells their target that the money will be sent using a QR code. "When the code is scanned by the victim, he or she is asked to enter the UPI PIN. If the PIN is shared, the money, instead of being credited, is deducted from the user's account" a Delhi Police official told the Times of India. Change your UPI PIN It is always advisable to change your UPI pin every fortnight, if not so then UPI PIN reset on a monthly basis would be a good way to secure your account. Avoid sharing confidential details such as PIN, OTP and so on to keep your money safe. Banks have been warning customers never to share their OTPs and their bank account details with anyone over the phone or via SMS.