Latest RBI Advisory For UPI Transactions:Cyber Fraud

UPI Transaction  Cyber Fraud - Sakshi Post

New Delhi: The Reserve Bank of India-promoted Unified Payments Interface (UPI) which   has an effectively designed application, smooth user experience meant for instant monetary settlements had made the lives of Indians very easy.

As per a Reserve Bank of India (RBI) Report cyber frauds in banking rose to 2059 last year. With the growth of internet and mobile banking and the introduction of the Unified Payments Interface payments has also sparked several fraud incidents. Reports say that UPI transactions have increased from 20 million in 2017 to 450 million in 2018.

A recent circular issued by the Cyber Security and IT Examination Cell revealed a new modus operandi which was being committed in the Digital Payment system.

According to the advisory the fraudsters lure victims to download an app which is similar to an app that give s remote access to devices .

An app code is generated and they ask for it  to be shared. Once the victim shares the OTP s/he gains remote access to the victims device and start transactions and swindle money.

This kind of access can be carried out on any Mobile banking and payment related apps including UPI and other digital wallet based apps.

Check out the detailed Advisory issued.

Cyber Security and IT Examination Cell  Advisory

Also Read: OTP Theft: How to Protect Yourself From Cyber Crime Fraudsters?

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