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Digital Identity, Security & Online Fraud

RBI warns about digital banking fraud via UPI

Monday 18 February 2019 | 12:49 PM CET

The Reserve Bank of India has warned banks of a digital banking fraud type that can wipe out a customer’s bank balance by using the Unified Payment Interface route.

As such, fraudsters get victims to download an app called AnyDesk, thus getting remote access to the mobile through a nine-digit code generated on the victim’s device. After a fraudster inserts this app code on his device, he will ask the victim to grant certain permissions, which enables the imposter to gain access to the victim’s device, and carry out transaction fraudulently.

According to RBI, transactions can be carried out through any mobile banking app or payment-related apps, including UPI or wallets. Moreover, the central bank has sent an advisory to all commercial banks as the threat could jeopardise thousands of crores of rupees in the accounts of retail customers.

More: Link
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