Cyber crooks target govt's BHIM app, steal ?45 lakh
UP's Special Task Force has arrested two people who allegedly duped nine individuals, withdrawing over ?45 lakh from their accounts by exploiting loopholes in the government's BHIM app. One of the accused allegedly leaked debit card numbers and other details to carry out 240 transactions over 40 days. A former Axis Bank employee was among the two arrested.
Cyber crooks have found a crack to siphon money from high-tech banking app BHIM. The revelation came after a team of Special Task Force (STF) of UP Police arrested two people, including a bank employee, who allegedly duped nine people and illegally withdrew over Rs 45 lakh from their bank accounts by making 240 transactions.The loophole has left the banking sector worried as it exposes the threat Unified Payments Interface (UPI) based transaction poses. The security flaw may cause a dent to PM Modi's push for digital transaction.The STF has also written to RBI, National Payments Corporation of India (NPCI) and banks apprising them about the security breach and ways to patch it. UPI was launched last year by NPCI, a not-for-profit organisation owned by a consortium of major banks and regulated by RBI.It allows users to make transactions over their cellphones including cash transfers to other users, and payments to utilities and some merchants.Mail Today was first to highlight how crooks are exploiting loophole in the UPI mobile application to loot bank customers. Crackdown by STF reveals that criminals are first compromising and getting the mobile connection of user and then using the leaked banking data they are withdrawing money through the App.