Have You Lost Your Phone? Act Fast Before Scammers Strike! If your phone has been stolen, don’t wait, report it immediately to your local police station and bank to prevent financial fraud like the recent UPI hijack scam.
Wondering What This Scam Is?
In a shocking case, Delhi Police arrested two fraudsters involved in a ₹20 lakh UPI hijack scam. They exploited stolen phones to access victims’ bank accounts and carry out unauthorized transactions.
Find out how they bypassed security measures and what steps you must take to stay safe.
How the Scam Unfolded
On November 8, 2024, a resident of Swaroop Nagar reported that his mobile phone had been stolen.
Unaware of the impending fraud, he procured a new SIM card on November 12. Soon after, he received notifications of multiple unauthorized transactions from his bank account, totaling Rs 20 lakh.
Investigators discovered that the fraudsters had gained access to the victim’s banking apps by exploiting a loophole in mobile security.
They performed a hard reset on the stolen phone to bypass security measures and used Aadhaar-linked authentication to reset UPI PINs.
This allowed them to transfer large sums of money without the need for OTP verification.
After the victim filed a complaint, Delhi Police’s cybercrime unit tracked the fraudulent transactions and identified the culprits.
Gagan and Ajit were arrested, and police found multiple stolen phones and SIM cards.
During interrogation, they revealed that they had used similar tactics on multiple victims before being caught.
Modus Operandi of the Fraudsters
This is how scammers use stolen phones to steal money from a victim’s bank account.
- Stealing Phones: The fraudsters specifically targeted mobile phone users, knowing that many link their banking apps to their devices.
- Hard Resetting Devices: Gagan (B.Tech dropout) reset the phone to remove any security locks or authentication barriers.
- Exploiting Aadhaar Authentication: Using Aadhaar-based verification, they managed to reset UPI PINs and gain access to bank accounts.
- Conducting Unauthorized Transactions: The duo carried out multiple transactions amounting to Rs 20 lakh before the victim realized the fraud.
Conclusion
The arrest of these fraudsters is a significant step in curbing cybercrime, but it also underscores the need for robust security measures in digital banking.
With UPI transactions becoming more prevalent, users must remain vigilant and proactive in safeguarding their financial assets.
In case you have been a victim of any such cyber fraud, register with us now and get complete assistance in reporting the case on the respective platforms to prevent further damage.
