Phonepe scam
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Cybercrimes are not new to India,  each day at least hundreds become victims to cyber fraudsters, no matter how much efforts the government puts, fraudsters always keep finding a new way to scam people

according to the research by Statista cyber crimes spiked in the year 2019 like never before, due to the coronavirus outbreak, people started shifting from offline to online, which’s a win-win moment for cybercriminals

as per a report by The Hindu, 37 lakh cybercrime incidents took place in India over the past 18 months, which challenged India for a centralized cybercrime reporting portal

Cybercrime investigators are now warning of the latest ongoing financial scam campaign across India, here what you should know


Beware of a UPI Financial Scam campaign


Now cyber fraudsters using Phonepe, Gpay and other UPI service to scam people, here what you need to know about the scam


Firstly let us tell you What is Phonepe (Incase if you don’t know)


Phonepe is a Digital Payment Company that offers UPI transactions across India, through which you can send and receive money online by linking your UPI, there are many other UPI services available such as Gpay, BHIM etc.

Once there was a feature on Phonepe which allowed anyone to request money from people whom they know after fraudsters abused this functionality to make financial frauds, later Phonepe has disabled this feature, but completely not

The story not yet over, fraudsters found a new way to achieve the same, there are many other UPI apps that allow request money option to other UPI ids, here we aren’t defaming any company reputation just sharing the truth


Phonepe request money scam


Here is a new level of financial scam discovered by our Cybercrime investigators and OSINT experts,


there is a UPI ID known as woohoo@paytm that requests money to people through UPI apps, where many people became a victim of this fraud


Here how they do it

According to our Cyber Experts research, Firstly they gather mass phone numbers and personal details of people from data breaches and dumps, people often buy the dumps from the darknet marketplaces, then they verify that these phone numbers has linked to any UPI, if yes then they start requesting money to the victims at the same time they make a phone calls to the victims with their own scamming scripts, such as  “your UPI services stopped working whether would you like to continue or discontinue”, “You won an offer from some XYZ company, but due to covid lockdown we are unable to send the item instead we credited the amount to your UPI” etc..

when the victim hears these words they got excited and follows the fraudsters words, later realises they faced a fraud

here is the proof of the incident that took place with a victim, which allowed our researchers to dig deep into it

on May 17, an 18year old lost his hard-earned money by this fraud and contacted one of our Cybercrime investigators, here is the story of how it happened

In the evening he got a call from an unknown number, saying you won a cashback offer if you want to avail yourself just goto Phonepe and click on the Pay Now button, then directed to enter the victim Phonepe UPI PIN,

the victim entered his UPI, then the transfer was successful, thus the victim lost his money and rushed to a cyber expert


UPI scam by phonepe


Our OSINT expert reported that he is not the only person who became a victim to this financial scam, there are many others too


here you can see some buzz from the social media






The story is not yet over, some people don’t even come to raise share, while some have ruched to their perspective cyber cell, despite all those reported to Paytm and  PhonePe to Block the UPI ID, none of these companies taken any action to block the UPI to prevent further incidents


Advisory by Cyber Crime Investigators


Cyber Crime Investigators advise not to panic on such type of phone calls which says your Wallet stopped working, or you won a cashback offer

while receiving any notifications from any UPI always carefully read the message before taking any action

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Indian Cyber Troops

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