UPI payments frauds are rising at a significant speed. Despite the secured platform, still, there are chances of fraud if you are not careful when using the UPI for transactions. Here are 5 important tips to keep in mind while transferring money online.
India's electronic payment system has undergone a transformation thanks to the Unified Payments Interface (UPI). Using the mobile application connected to your bank account, it is utilised to make payments. In less than a minute, you may send money to the recipient's bank account. Contactless technology is used throughout the whole payment process while using UPI, which has shown to be effective throughout the COVID time. The users must first register for UPI using the same cellphone number that is linked to their bank account. If you use the UPI for transactions carelessly, there is a potential of fraud despite the protected platform.
Here are 5 tips to keep in mind for safe UPI payments
Never share your UPI PIN
The UPI-enabled app asks for a specific PIN when you transfer money to authenticate the transaction. When you link your bank to your UPI ID, the special PIN has to be set up. The UPI PIN is necessary to transmit funds, not to receive them. The UPI PIN must not be disclosed to anybody.
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Verify UPI ID before making any payments
Through your UPI-enabled app, you may transfer the funds to the recipient's specific UPI ID. In a similar manner, you may accept payments from others using your special UPI ID. When you wish to accept the money, it's crucial to disclose the correct UPI ID. When you transmit the money, you should check the recipient's UPI ID before starting the transaction. You can send or receive a very modest amount (such as Rs 1) for a confirmation to further lower the likelihood of an error.
Never click on unverified links
People have reportedly been defrauded in many instances after clicking on links they received over SMS or email. Avoid clicking on any links that you get on your phone that aren't confirmed. These URLs are frequently used to infiltrate your phone and steal your identity as well as your banking passwords and PINs. If you ever get such links, you may delete them right once or block the source.
Also Read | UPI transactions cross 6 Billion in July; PM Modi calls it 'Outstanding Achievement'
Keep your phone locked
When you utilise UPI for a payment transaction, there is less likelihood of fraud if your phone is password-locked, especially if it is misplaced and falls into the wrong hands. It would be beneficial if you avoided using passwords that are simple to crack or quickly guessed by others. To remember your passwords, try to. Frequently changing your password is a must.
Check your SMS to cross-verify the amount deducted
Despite your best efforts, you should continue to monitor all transactions in your bank account. To confirm the amount withdrawn from your account whenever you use the UPI to perform a payment transaction, you must check the SMS the bank sends to your registered cellphone number.
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