ICICI Bank Warns Against Rising Fake UPI Payment Scams, Advises Vigilance to Users - ICICI Bank has issued a crucial advisory concerning the growing threat of fake UPI payment scams, spreading awareness through its official social media channels. The bank's cautionary message comes amidst a surge in digital payment fraud cases, as reported by the RBI.

In their alert, ICICI Bank shared an informative video aimed at educating users on identifying and preventing these scams effectively. The video emphasizes the importance of caution and urges customers not to react hastily to unexpected UPI payment notifications. Instead, recipients are advised to carefully verify received amounts before initiating any actions. This precaution is crucial as scammers often manipulate transaction details to trick users into transferring more money back than they received.

The advisory explains that scammers typically initiate contact by claiming they mistakenly sent a larger sum via UPI than intended. They exploit urgency to pressure victims into quickly returning the excess amount, thereby preventing careful scrutiny of transaction details.

The timing of ICICI Bank's warning coincides with a significant rise in digital payment fraud cases involving UPI transactions. According to the Reserve Bank of India's Annual Report for FY 2023-24, reported fraud incidents have increased sharply, highlighting the need for heightened vigilance among users.

To combat these threats, ICICI Bank urges victims of cybercrimes to promptly report incidents to the National Cybercrime Support Centre. Direct contact with ICICI Bank can also be made at 1930 or through http://cybercrime.gov.in for immediate assistance and guidance.

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