Austin 3:!6 Posted December 4, 2023 Share Posted December 4, 2023 I want to share a recent horrific experience in my family. My father who is an old pensioner uses Phonepe and all his bank accounts are linked with that app. Suddenly one morning he gets a message that total 94 thousand rupees been taken out from his bank account in 3 separate transactions. We immediately raised a complain with the concerned bank, went to police station, reported in cyber crime but to no avail. The bank walas are saying they will investigate but since its an UPI scam they are not liable. The funny thing is when I checked his phonepe account, these 3 transactions are not even showing in his history. So God only knows how they manage to take the money out from the account. 94 thousand is a lots of money for retired people but more than money I want to discuss about Indian banking system and how secure they really are. Here in UK, the 3rd party UPI transactions are not available...you can only pay via Bank's online app. However in India these apps are in plenty - PayTM, Rupay, PhonePe etc etc. I have seen people uses these transactions everywhere starting from big payments to even purchase a cup of road side tea. The question is how secure are these apps? What are their firewall policy? How can scammers take out such a huge sum of money and Bank don't have proper screening? I want to know from posters here how often they use UPI and how secure they feel while using it? Link to comment Share on other sites More sharing options...
cowboysfan Posted December 4, 2023 Share Posted December 4, 2023 I have noticed a lot of these fake messages in my parents phones,they know to avoid them completely.Its a good idea to check your bank acct daily in India. Austin 3:!6 1 Link to comment Share on other sites More sharing options...
Trichromatic Posted December 4, 2023 Share Posted December 4, 2023 I keep low account balance (~10-20k) in the account used for frequent transactions. Austin 3:!6 and ravishingravi 1 1 Link to comment Share on other sites More sharing options...
ravishingravi Posted December 4, 2023 Share Posted December 4, 2023 1 hour ago, Austin 3:!6 said: I want to share a recent horrific experience in my family. My father who is an old pensioner uses Phonepe and all his bank accounts are linked with that app. Suddenly one morning he gets a message that total 94 thousand rupees been taken out from his bank account in 3 separate transactions. We immediately raised a complain with the concerned bank, went to police station, reported in cyber crime but to no avail. The bank walas are saying they will investigate but since its an UPI scam they are not liable. The funny thing is when I checked his phonepe account, these 3 transactions are not even showing in his history. So God only knows how they manage to take the money out from the account. 94 thousand is a lots of money for retired people but more than money I want to discuss about Indian banking system and how secure they really are. Here in UK, the 3rd party UPI transactions are not available...you can only pay via Bank's online app. However in India these apps are in plenty - PayTM, Rupay, PhonePe etc etc. I have seen people uses these transactions everywhere starting from big payments to even purchase a cup of road side tea. The question is how secure are these apps? What are their firewall policy? How can scammers take out such a huge sum of money and Bank don't have proper screening? I want to know from posters here how often they use UPI and how secure they feel while using it? There are many such scams going on. This is not UPI issue per se. This is more like spam message. Link to comment Share on other sites More sharing options...
Tillu Posted December 4, 2023 Share Posted December 4, 2023 Another scam recently came into light where people are being fleeced of their money using their Aadhar biometric fingerprints. These scamsters usually gather your fingerprints at the land registration offices and other places which require your fingerprints. So always keep your biometric details locked in your Aadhar account. Download mAadhar app or directly go to MyAadhar website and lock your biometric details. coffee_rules 1 Link to comment Share on other sites More sharing options...
Singh bling Posted December 4, 2023 Share Posted December 4, 2023 https://www.financialexpress.com/life/technology-how-to-recover-your-money-after-falling-victim-to-upi-fraud-lottery-scams-and-banking-frauds-3149493/ RBI has clear rule if you report within 3 days then there will be zero loss as they have insurance for these type of frauds ravishingravi, cowboysfan and Lord 3 Link to comment Share on other sites More sharing options...
Austin 3:!6 Posted December 4, 2023 Author Share Posted December 4, 2023 27 minutes ago, Singh bling said: https://www.financialexpress.com/life/technology-how-to-recover-your-money-after-falling-victim-to-upi-fraud-lottery-scams-and-banking-frauds-3149493/ RBI has clear rule if you report within 3 days then there will be zero loss as they have insurance for these type of frauds We have reported it on the same day. So is bank liable to pay us the money back? If they don't what action you want us to take? RBI Ombudsman? Link to comment Share on other sites More sharing options...
R!TTER Posted December 4, 2023 Share Posted December 4, 2023 42 minutes ago, Austin 3:!6 said: So is bank liable to pay us the money back? No, it was probably through some social engineering sending/disguising a payment request link as some message(SMS) or maybe on some messaging app? I generally follow what others have shared here - don't keep too much money in the account where UPI is linked. What I also do is to not link all my accounts in a single app, whether UPI or anything else like say Gpay. A single point of failure/vulnerability is generally more catastrophic. I think I received a similar message/payment request on Gpay - seemed legit enough from a business but didn't approve it or click on it. I do hundreds of transactions online each week so it's hard to keep track of them all the time but - unless you have initiated a transaction & the payment request didn't come within 2-4 minutes I wouldn't go through with that. Which is to say that if you do not remember what the payment is for - ignore it, better be safe than sorry. Govt should really do more to bring these *ers down, too many scams going on WA/telegram especially through UPI coffee_rules 1 Link to comment Share on other sites More sharing options...
coffee_rules Posted December 4, 2023 Share Posted December 4, 2023 2 hours ago, Austin 3:!6 said: I want to share a recent horrific experience in my family. My father who is an old pensioner uses Phonepe and all his bank accounts are linked with that app. Suddenly one morning he gets a message that total 94 thousand rupees been taken out from his bank account in 3 separate transactions. We immediately raised a complain with the concerned bank, went to police station, reported in cyber crime but to no avail. The bank walas are saying they will investigate but since its an UPI scam they are not liable. The funny thing is when I checked his phonepe account, these 3 transactions are not even showing in his history. So God only knows how they manage to take the money out from the account. 94 thousand is a lots of money for retired people but more than money I want to discuss about Indian banking system and how secure they really are. Here in UK, the 3rd party UPI transactions are not available...you can only pay via Bank's online app. However in India these apps are in plenty - PayTM, Rupay, PhonePe etc etc. I have seen people uses these transactions everywhere starting from big payments to even purchase a cup of road side tea. The question is how secure are these apps? What are their firewall policy? How can scammers take out such a huge sum of money and Bank don't have proper screening? I want to know from posters here how often they use UPI and how secure they feel while using it? Sad to hear. I use PayTM and now there is a payment gateway app to use from abroad for UPI payments to be done in India directly from foreign banks., I keep about 10k only and will transfer from bank to wallet on demand. Never use UPI payments from the bank directly through the App. Since my mom is old, never installed any UPI app in her phone to avoid getting scammed. Hope your issue gets resolved soon! Link to comment Share on other sites More sharing options...
Singh bling Posted December 4, 2023 Share Posted December 4, 2023 1 hour ago, Austin 3:!6 said: We have reported it on the same day. So is bank liable to pay us the money back? If they don't what action you want us to take? RBI Ombudsman? Yes make a complaint in banking ombudsman. Make sure follow full procedure. Like normal complaint , escalation, nodal officer. Everthing is online . All banks give you redressal mechanism online Advice from KL Rahul Austin 3:!6 1 Link to comment Share on other sites More sharing options...
Trichromatic Posted December 5, 2023 Share Posted December 5, 2023 On 12/4/2023 at 7:40 PM, Austin 3:!6 said: I want to share a recent horrific experience in my family. My father who is an old pensioner uses Phonepe and all his bank accounts are linked with that app. Suddenly one morning he gets a message that total 94 thousand rupees been taken out from his bank account in 3 separate transactions. We immediately raised a complain with the concerned bank, went to police station, reported in cyber crime but to no avail. The bank walas are saying they will investigate but since its an UPI scam they are not liable. The funny thing is when I checked his phonepe account, these 3 transactions are not even showing in his history. So God only knows how they manage to take the money out from the account. 94 thousand is a lots of money for retired people but more than money I want to discuss about Indian banking system and how secure they really are. Here in UK, the 3rd party UPI transactions are not available...you can only pay via Bank's online app. However in India these apps are in plenty - PayTM, Rupay, PhonePe etc etc. I have seen people uses these transactions everywhere starting from big payments to even purchase a cup of road side tea. The question is how secure are these apps? What are their firewall policy? How can scammers take out such a huge sum of money and Bank don't have proper screening? I want to know from posters here how often they use UPI and how secure they feel while using it? Sorry for the dumb question, but does bank account statement show those many transactions? Link to comment Share on other sites More sharing options...
Austin 3:!6 Posted December 5, 2023 Author Share Posted December 5, 2023 6 minutes ago, Trichromatic said: Sorry for the dumb question, but does bank account statement show those many transactions? Yes bank statements shows those transactions but not transactions under Phonepe app Link to comment Share on other sites More sharing options...
Trichromatic Posted December 5, 2023 Share Posted December 5, 2023 5 minutes ago, Austin 3:!6 said: Yes bank statements shows those transactions but not transactions under Phonepe app Then shouldn't it be phonepe responsibility? What are they saying? What does it show? Does it show something linked to phonepe? Link to comment Share on other sites More sharing options...
Austin 3:!6 Posted December 5, 2023 Author Share Posted December 5, 2023 7 minutes ago, Trichromatic said: Then shouldn't it be phonepe responsibility? What are they saying? What does it show? Does it show something linked to phonepe? Under bank statement it says money taken out using UPI transaction. My dad only uses Phonepe...so very sure it is Phonepe transactions. Also it has the UPI number the mobile number to which the money went. I called those numbers but obviously they were switched off Link to comment Share on other sites More sharing options...
Trichromatic Posted December 5, 2023 Share Posted December 5, 2023 56 minutes ago, Austin 3:!6 said: Under bank statement it says money taken out using UPI transaction. My dad only uses Phonepe...so very sure it is Phonepe transactions. Also it has the UPI number the mobile number to which the money went. I called those numbers but obviously they were switched off It doesn't show in phonepe app probably because phonepe wasn't used for transaction. Probably some other app was used for the transaction. Link to comment Share on other sites More sharing options...
coffee_rules Posted March 3 Share Posted March 3 Is there a problem with Paytm? Wallet stopped working and now UPI from bank has an issue too. Please suggest alternatives Link to comment Share on other sites More sharing options...
Lord Posted March 3 Share Posted March 3 1 hour ago, coffee_rules said: Is there a problem with Paytm? Wallet stopped working and now UPI from bank has an issue too. Please suggest alternatives https://business.outlookindia.com/corporate/why-rbi-banned-paytm-payments-bank-and-what-it-means-for-paytms-future Google Pay is the one I use. Pretty reliable. coffee_rules 1 Link to comment Share on other sites More sharing options...
Chaos Posted March 3 Share Posted March 3 They say cash stashed is the best to live. With all cyber fraud this will become common like the old days. Gold n cash. Link to comment Share on other sites More sharing options...
Chaos Posted March 3 Share Posted March 3 (edited) Also feel for ur father, scumbags preying on the elderly. But it is what it is now. Modi made great changes but i dislike lot of his things regarding buying stuff. I wanted to buy breatling watch for 28 lakhs but 2 lakhs can only be paid in cash. But hey park hyatt takes 22 lakhs for 36 night stay in cash. BS. Edited March 3 by Chaos Link to comment Share on other sites More sharing options...
Recommended Posts