ICICI Bank is urging all users of online banking, particularly those utilising UPI apps, to exercise extreme vigilance due to the recent surge in UPI-related fraudulent activities. In an email sent to its users, the bank reveals that cybercriminals are targeting UPI applications using malware.
How fraudsters are tricking users
* Cyber criminals create custom SMS forwarding apps which forward the UPI device binding message to a virtual mobile number (VMN) belonging to the victim’s bank, for registration
* Fraudsters send links to malicious ‘apk’ files to potential victims through WhatsApp
* Subsequently a UPI application registration process is initiated by the fraudster.
“Remain vigilant and ensure that you do not install any suspicious/malicious application in your mobile device from untrustworthy sources. Please note that ICICI Bank never sends any SMS/WhatsApp message to its customers, asking them to call a particular mobile number or download any application,” said the bank in the email.
Along with the warning, ICICI Bank has also shared some useful tips which will protect the users from these kinds on online frauds.
* Update your mobile device with the latest operating system and security patches
* Install applications only from official and trusted sources(like Google Play Store and Apple App Store)
* Install antivirus/security software from a trusted provider and update it regularly
* Verify the permissions of the application before allowing access
* Never click on suspicious links in emails or messages
* Avoid downloading/installing unknown applications
* Never share your confidential information like OTP, Password, PIN and card number with anyone.
Apart from this, the bank has also asked users to immediately report such frauds to the National Cyber Crime portal.