#UPIFraud

How Cybercriminals are Exploiting India’s UPI for Money Laundering Operations

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March 4, 2024 at 09:36AM Cybercriminals in India use the XHelper app to manage money mules for a large money laundering operation. The scheme exploits loopholes in Indian payment system regulations and involves Chinese payment gateways and a network of compromised mule accounts. XHelper facilitates mule management, recruitment, training, and communication, contributing to a thriving … Read more

Scammers use India’s real-time payment system to siphon off money, send it to China

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October 23, 2023 at 11:37PM China-based scammers are using fake loan apps and India’s Unified Payments Interface (UPI) to scam victims out of money, according to a report by CloudSEK. The scammers pose as loan providers, luring victims with promises of easy repayments. Once a fee is paid, the loan never materializes and the fee … Read more