Cyber fraudsters are increasingly becoming more active, employing new techniques to deceive users. One of the latest scams involves forwarding apps that send UPI device binding messages to mobile numbers linked to bank accounts for fraudulent registration. Let’s take a closer look at how UPI cyber fraud works and how you can protect yourself.
ICICI Bank Issues an Urgent Warning
Following recent government action against Paytm Payment Bank, cyber fraud activities have surged. Many individuals have reported losing their bank balances due to scams. In response, ICICI Bank has issued an urgent warning to all customers, especially those using online banking and UPI apps.
ICICI Bank is sending special emails to its customers, alerting them about cybercriminals who are exploiting UPI applications with malware to drain money from accounts.
How Cybercriminals are Targeting Users
Cyber fraudsters develop SMS forwarding apps that send UPI device binding messages to customers on their registered mobile numbers. They then send malicious APK file links via WhatsApp, tricking users into installing harmful software. Once the user clicks on these links and initiates the UPI registration process, scammers gain access to their accounts and siphon off their funds.
Avoid Installing Fraudulent Apps
ICICI Bank has issued clear instructions urging customers to avoid installing suspicious apps. Users of all banks are advised to remain vigilant and avoid downloading unknown applications that could compromise their financial security.
Essential Cybersecurity Tips:
- Update Your Mobile Device: Always keep your smartphone updated with the latest operating system and security patches.
- Download Apps Only from Trusted Sources: Use only official platforms like the Google Play Store and Apple App Store to install applications.
- Use Trusted Antivirus Software: Protect your device with antivirus security software from reputable providers.
- Be Cautious with Links: Do not click on unknown email or WhatsApp links, and avoid downloading apps from unverified sources.
By staying informed and following these security measures, you can protect yourself from UPI cyber fraud and ensure your financial safety.
