SBI alerts customers over UPI payments; shares six tips for safe transactions
In the digital world, where making a payment is just one click away, customers must be careful and thoughtful. Following the increased risk of UPI fraud, the largest public sector lender, State Bank of India (SBI), published some UPI security tips to help make transactions more secure and safe.
The National Payments Corporation of India developed the immediate real-time payment system Unified Payments Interface (UPI), which was introduced in 2016. The system integrates several banking services, seamless fund routing, and merchant payments into one hood, powering multiple bank accounts into a single mobile application. It also satisfies the need for peer-to-peer collecting.
UPI has revolutionised real-time payments in India, making digital payments so simple that transactions through this mode increased by an astronomical Rs 10.7 trillion in August, according to NPCI data.
The popularity of UPI is growing, and so are the opportunities of scamsters and fraudsters to trick individuals and steal money from their digital accounts. With the development of technology, scamsters occasionally come up with new strategies for robbing people.
The largest public sector lender, State Bank of India (SBI), published some UPI security tips to help make transactions more secure and safe due to the increased risk of UPI fraud. "Keep these UPI security tips when you use or conduct UPI transactions. Remain Vigilant & Safe With SBI," the lender tweeted recently.
Know a few tips shared by SBI while doing UPI transactions here:
1) While receiving money, you don't need to input your UPI Pin
2) Always check the recipient's identity before sending money to them
3) Never accept random/unknown collect requests
4) Do not give your UPI Pin to anyone
5) When paying with a QR quote, always double-check the beneficiary information
6) Alter your UPI pin frequently