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Transferred Money to the Wrong UPI ID? Here’s How to Get It Back

A ransomware attack on C-Edge Technologies, a key tech service provider for small banks in India, has brought attention to the importance of double-checking UPI IDs before making transactions. The attack, which occurred a week ago, temporarily halted payment systems across nearly 300 local banks. Many individuals may find themselves in a situation where they have accidentally sent money to a wrong unified payment interface (UPI) ID. This can happen when a phone number linked to a UPI ID is reassigned to a new individual, causing unintended recipients to receive funds.

To recover money sent to the wrong UPI ID, the first step is to reach out to the payment system used (such as Google Pay, PhonePe, or Paytm) and lodge a complaint. It is essential to act promptly to increase the chances of a successful resolution. Additionally, visiting the National Payments Corporation of India (NPCI) website and filling out the online form under the ‘Dispute Redressal Mechanism‘ section is crucial. Provide all the necessary details, including the transaction ID, virtual payment address, amount transferred, date of transaction, email ID, and mobile number. It is also important to upload your bank statement showing the deduction.

When filling out the online form, make sure to select ‘Incorrectly transferred to another account‘ as the reason for your complaint. If the issue remains unresolved after lodging a complaint with the payment system provider, escalate the matter in the following order – first, to the Third-Party Application Provider (TPAP); then, to the Payment Service Provider Bank (PSP Bank); followed by the bank where the end-user customer maintains their account; and finally, to the NPCI. If the problem persists after one month or if you are dissatisfied with the response, consider approaching the RBI independent official (Ombudsman) for Digital Transactions.

It is important to file complaints in the jurisdiction where the system participant’s branch or office is located, or where the customer’s address is registered for centralized operations. To retrieve money transferred to an unintended individual, you must provide evidence that the funds were sent unintentionally. Once proven, the bank is responsible for reversing the transaction.

According to Abhay Chattopadhyay, a Partner at Economic Laws Practice, “In the event of funds being transferred to the wrong recipient, sufficient proof is required to be furnished by the affected user before the bank that a transaction was done incorrectly / inadvertently.” Mr. Chattopadhyay also mentioned that if the bank fails to ensure the reversal of the transaction, you can file a complaint with the Ombudsman under Regulation 8 of the RBI’s Ombudsman Scheme for Digital Transactions, 2019, as reported by Economics Times.

In conclusion, it is crucial to double-check UPI IDs before making transactions to avoid sending money to the wrong recipient. In case of an accidental transfer, following the steps outlined above can help in recovering the funds successfully. Remember to act promptly, provide all necessary details, and escalate the issue if needed to ensure a timely resolution.

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