UPI payment fraud: Here's how you can secure your transactions
Transactions have gotten more easier since the introduction of this system, but we must be cautious since there is now the danger of fraud due to our reliance on the Internet.
FollowDigital transactions have grown fast in recent years and now utilise the United Payments Interface (UPI) on our cellphones with ease. UPI money transmission is also fairly trustworthy because it is fully controlled by the Reserve Bank of India (RBI). Transactions have gotten more easier since the introduction of this system, but we must be cautious since there is now the danger of fraud due to our reliance on the Internet. As you may be aware, in UPI payments, your cell phone works as a virtual money wallet, making it an ideal target for financial fraud. In such a case, one should use caution when utilising the mobile app for financial operations.
Here are some steps that can help you to secure your transactions:Â
- Be cautious of links or fake calls: Hackers may give you a link or phone you to request that you download another programme for verification. Never click on such links or respond to such phone calls.
- Keep updating the UPI App: You should apply updates to the UPI app regularly whenever they become available —updating your phone instals the most recent security updates, making your app safe to use.
- Notify immediately: If there is a problem with a payment or transaction, report it directly on the UPI app via the Help Center.
- Protect UPI: Never enable anyone to access your UPI account via a payment app or a bank app. Set up a payment pin using your phone's screen lock password or PIN. Never give them to anybody else.
- Be cautious of screen sharing applications: Do not let screen sharing apps access UPI apps. Such applications can leak data and pose a serious threat to your passwords and OTPs.
- Check the registered name on the UPI ID: Before sending money to anyone, be sure you properly check the details. The receiver's registered name displays on the screen as soon as the UPI app scans the QR code or you manually enter the number or VPA for payment. Please double-check the name before completing the purchase. If the money is given to the wrong individual, it will not be returned.
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