ICICI Bank Shares This Fake UPI Payment Warning With Customers: All You Need To Know

UPI payments are ubiquitous in the country even though cash is still the king. But you cannot deny that digital payments have become a common sight, even with the street vendors and your vegetable sellers. But the popularity of UPI has made it a ripe target for new and innovative scams, one of them being related to fake UPI payment messages that coerce people into sending more money than they received.

ICICI Bank is aware of these threats that can be easy to avoid but many still fall for such tricks. The entity has shared a detailed warning note for its customers and others via social media platform X, alerting you about the modus operandi of these fake UPI payment attacks and how you can safeguard against such bad actors.

ICICI Bank Fake UPI Payment Message Scam: What It Says

The bank has shared a clear message about the scam and how people should be wary of these scam callers. “BEWARE of callers claiming that they’ve made a UPI payment to you by mistake.

CHECK the received amount carefully. For example, they might claim to have sent you Rs. 20,000 but in reality, might send only Rs. 200,” the warning explains further about the UPI scam.

But how can people fall for a trap as simple as this? ICICI Bank alert says, “The key here is the decimal which is strategically placed in the middle of the 5-digit number.” And it does make a lot of sense, as people are hurried into sending the money, and they don’t check the amount they have received or even look for the UPI payment details, including the date on which the transaction was completed.

You might say these are basic details and tips that most people would know but even then UPI scams are prevalent primarily because not all of them are keeping an eye out for these tricks used by scamsters. We have also seen wrong QR codes sent for UPI payments, where instead of receiving the money, you are being fed the code that sends money to the fraudster.

Apps were forced into adding a pop-up box which informs people that they are sending money and not the other way around. UPI payments in general are secure but common mistakes committed by people end up costing them their hard-earned money.