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| Scheme Name | 1-Year Return | Invest Now | Fund Category | Expense Ratio |
|---|---|---|---|---|
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| Axis Nifty 500 Index Fund | — | Invest Now | Equity: Flexi Cap | 0.10% |
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What happened?
Recent reports suggested a fraudulent activity named the ‘Jumped Deposit’ scam, allegedly linked to the UPI platform.
These reports claimed that users could lose money through unauthorised transactions triggered by opening UPI or banking apps.
NPCI’s clarification
In response, NPCI emphasised that these descriptions are misleading and have caused undue concern among users.
Key clarifications provided by NPCI include:
Transactions require user authorisation: Simply opening a UPI or banking app does not initiate or approve payments. Users must actively authorise transactions by clicking the “pay” button and entering their UPI PIN.
Secure user control: UPI operates as a device-specific system tied to the user’s registered mobile number and device. External parties cannot directly request or withdraw funds without user action.
PIN-protected features: Even a balance inquiry requires a UPI PIN, and this step does not automatically approve any other transaction.
NPCI reaffirmed the safety and reliability of UPI, citing its robust security protocols and regulatory measures.
It reminded users to remain vigilant and avoid sharing confidential details.
ALSO READ | Top digital scams targeting young Indians and how to stay safe
First Published: Jan 14, 2025 9:38 AM IST
