How criminals hack into your Google Pay, Paytm and other UPI-based mobile wallets

As digital money transactions grow, cases of online banking frauds have also grown. Scamsters use different ways to dupe individuals of their money. Requesting money through Paytm or Google Pay – the major players in the UPI-based payment space is one of the most common frauds that customers lose their money to.
In case of a UPI fraud, the fraudsters try to gain remote access to one’s mobile device so that they can do bank transactions remotely. Knowing the modus operandi of how these scamsters operate and dupe people can help prevent the frauds to a great extent. Below is a brief summary of how these frauds take place. Readers must note here that with the help of this modus operandi, the fraudster can do transactions through any mobile banking and payment related apps including UPI and wallets like Google Pay, Paytm.
Fraudsters lure the customers to download apps like AnyDesk or TeamViewer from Google Play Store or Apple App Store. These apps help in providing remote access of the mobile device to other users.