Nowadays, UPI (Unified Payments Interface) is playing an important role in our daily life. This technology allows us to make online payments with speed, convenience and security. However, as the use of UPI is increasing, the risk of fraud and scams is also increasing. This article will provide you with the necessary security tips and awareness to avoid UPI scams, so that your account remains safe.
What is UPI and how is it used?
UPI is a digital payment system developed by the National Payments Corporation of India (NPCI). It allows you to send and receive money directly from your bank account, without any intermediate steps. UPI can be used through apps like Google Pay, PhonePe, Paytm.
Types and dangers of UPI Scam
UPI scams can take many forms, some of the most common are:
- Phishing Scam: In this, scammers use fraudulent SMS, email, or phone call to ask for your UPI credentials, OTP, or personal details.
- UPI QR Code Scam: Scammers send you attractive messages asking you to scan the UPI QR code, through which they can withdraw money from your account.
- Public Wi-Fi Scam: Hackers can steal your sensitive information by using public Wi-Fi networks.
10 important tips for UPI security
1. Verify transaction before confirming payment
Always double-check the transaction details, including the recipient’s UPI ID, phone number or bank account number, before confirming the payment. Verify the accuracy of the information to avoid inadvertently sending money to the wrong recipient.
2. Beware of phishing attacks
You can become a victim of phishing scam through fraudulent SMS, email, or phone call asking for your UPI credentials, OTP, or personal details. Be wary of unsolicited communications and never share sensitive information with unknown or unverified sources.
3. Use Strong Authentication Process
Opt for a strong authentication process like PIN, pattern, fingerprint or face unlock for secure access to your UPI app. Avoid using weak or easily guessable passwords that may compromise the security of your account.
4. Enable App Lock and Biometric Authentication
Take advantage of in-built security features like app lock and biometric authentication offered by UPI apps. Enable these features to prevent unauthorized access to your account, especially if your device is lost or stolen.
5. Always keep UPI payment app updated
Keep your UPI payment app updated regularly so that security patches and new features are added to your app. Avoid making UPI payments over public Wi-Fi networks or unsecured connections, as they can expose your sensitive information to hackers.
6. Verify recipient details before sending money
Before transferring funds via UPI, double check the recipient’s details, including their UPI ID, name, and bank account number. Add beneficiaries manually instead of relying on third party applications to reduce the risk of sending money to the wrong recipient or becoming a victim of fraud.
7. Change your UPI PIN regularly
Changing your UPI PIN from time to time adds an additional layer of security to your account. If you suspect unauthorized access, aim to change your PIN at least once every three months.
8. Set a daily transaction limit
To secure online transactions, one must set daily limits. Take advantage of the facility provided by UPI apps to set a daily transaction limit based on your usage pattern. By limiting the amount that can be transferred per day, you can more effectively detect and prevent unauthorized transactions, receiving alerts when limits are exceeded.
9. Keep yourself aware of scams
Be vigilant about common UPI payment scams and fraud tactics targeting users. Educate yourself about the red flags and warning signs of scams to effectively identify and avoid potential risks.
10. Report fraud immediately
If you suspect fraudulent activity or unauthorized transactions in your account, immediately inform your bank or UPI service provider. Immediate action can help prevent further loss or damage and facilitate investigation and resolution.
Disclaimer
This article has been prepared for information and educational purposes only. The information provided regarding UPI scams and safety tips should not be taken as expert advice. If you have any concerns about your UPI account or payment related issues, you should contact your bank or UPI service provider directly. This article is not an endorsement or advertisement of any specific scheme or product, and is only intended to raise general awareness.
