Don't leave your crease: ICICI Bank asks UPI users to follow cricket strategy to stay safe from frauds

ICICI Bank has issued a crucial advisory regarding the growing threat of fake UPI payment scams, disseminating the warning through its official social media platform, X (formerly Twitter). Alongside the alert, the bank shared a concise instructional video aimed at educating users on how to identify and prevent these scams effectively.

In the video, ICICI Bank emphasizes the importance of cautiousness and urges customers not to react impulsively to unexpected UPI payment notifications. The bank advises recipients to carefully verify the received amount before taking any action, as scammers often manipulate figures to deceive users into transferring more money back than they received.

According to ICICI Bank's advisory, scammers typically initiate contact with potential victims, claiming to have mistakenly transferred a larger sum via UPI than intended. They then pressure the victim to urgently return the excess amount, exploiting urgency to prevent careful scrutiny of transaction details.



The bank's warning is timely, coinciding with a significant rise in digital payment fraud cases, including incidents involving UPI transactions. The Reserve Bank of India's Annual Report for FY 2023-24 reported a notable increase in such fraud cases, with 36,075 incidents compared to 9,046 in the previous fiscal year.

In response to these threats, ICICI Bank encourages individuals who have fallen victim to cybercrimes to promptly report them to the National Cybercrime Support Centre. Victims can also contact ICICI Bank directly at 1930 or visit http://cybercrime.gov.in for assistance and guidance.

How the UPI Scam Operates

ICICI Bank outlines the typical modus operandi of scammers, who convince victims that they accidentally transferred a larger amount via UPI. They create a sense of urgency to coerce victims into returning the excess money quickly, preventing them from verifying transaction details thoroughly.

Preventive Measures Against Fake UPI Payment Scams

To protect against fraudulent UPI transactions, ICICI Bank advises customers to meticulously verify the amount received before taking any action. The bank highlights the deceptive placement of decimals within transaction amounts as a common tactic used by scammers to mislead recipients. Additionally, customers are urged to avoid sharing personal information or UPI PINs, refrain from clicking on suspicious links, and exercise caution when receiving money requests from unfamiliar sources.

(With inputs from TOI)