UPI cyber fraud: Gurugram-based company loses Rs 35 lakh due to payment gateway tampering

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UPI Fraud: With technology’s advancements, the digital payment system has made life easier for many, and the Unified Payment Interface (UPI) has become the most preferred digital payment mode. However, this technology has also given fraudsters opportunities to conduct UPI fraud. Recently, a Gurugram-based firm, Paraviom Technologies, has become a victim of UPI fraud, according to a report in Business Today. Cyber criminals tampered with the firm’s payment gateway system, and as a result, Rs 35 lakh was stolen from the company’s account.

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Ankit Rawat, the head of the company’s national operations, has filed a complaint, saying that the firm used Cashfree’s payment gateway, which was tampered with by the fraudsters. The police have started an investigation by registering a complaint. Between the financial years 2022-23, cyber criminals have conducted around 95,000 UPI transactions, according to the cyber cell of the Union Finance Ministry.

To avoid UPI fraud, it is essential to follow some tips to stay safe from UPI fraud:

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1. Never share your personal information such as mobile number, bank account number, OTP, and PIN with anyone.

2. Note that you do not need to enter a PIN to receive money. The PIN is only required while transferring money.

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3. Before transferring money to someone, verify their details.

4. Avoid using public networks while using UPI.

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National Payments Corporation (NPCI) keeps providing tips to avoid UPI fraud from time to time. Earlier, cyber criminals looted over Rs 1 crore in Mumbai by making more than 81 people their victims.

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The digital payment system is an essential part of modern society, but users must remain vigilant against fraudsters. Users must protect their personal information and follow safety guidelines to avoid UPI fraud.