How many of you used UPI for the transaction? Probably everyone! UPIs are now a common thing among us as they increased 70 times compared to the last 4 years, according to a report by SBI. Everything comes with pros and cons, UPI is no exception. Doesn't matter how secure is UPI transactions, it could harm your saving if not secured from fraud or technical hassle while transaction.
The bank data and the mobile phone associated with the bank account can be used to create the UPI ID. The app will deliver an OTP to the user's phone number, which may be used to finish the registration process and set a PIN. The phone number or the UPI ID can then be used to make transactions. The BHIM (Bharat Interface For Money) UPI app by NPCI (National Payment Corporation of India) was launched to felicitate the UPI transaction in the country, however, it has not been used widely by the customers.
Regardless of the security mechanisms in place, such transactions are susceptible to certain types of fraud. Unauthorized payment connections or fake UPI handles are some of the possible threats in UPI, as is screen surveillance by fraudsters. The Indian UPI market is captured by private apps such as PhonePe, Gpay, MobiKwik, PayTM, and several others. This makes it more vulnerable to fraud and could drag your saving to risk. Hence, by following some precautionary measures and having knowledge about the risks could help you from hassle.
Do these things to avoid trouble with UPI transaction and secure it:
Set a strong UPI PIN and keep it secure
UPI PIN is your app gateway. Set a strong UPI PIN for your transaction and do not share it with anyone. Having said that, UPI PIN is the gateway to your saving, having a strong PIN will make it hard from getting into phishing and fraud. Do not reveal your PIN to anyone, if it is revealed, change it immediately to a strong password. The password for your UPI should be unique, this will make it more secure than ever.
Beware of the transfer request
On UPI apps fraudsters take advantage of the request money' feature. Imposters pretend to be interested in purchasing a product on various online platforms and initiate a phone conversation with the seller. They force the product's seller to send money using UPI apps' 'request money' feature. In the previous several months, there have been countless incidents of this type of scam. Also, there are a number of cases where fraudsters request money through QR codes.
Be mindful of fake call centre calls
Never resort to social media or phone numbers available in search engines while there is delay or failure of UPI transactions. Never share your phone number on social media applications. In the last couple of years, the fake become a new normal. They call you to ask few account details and in a couple of minutes, your saving vanishes. Remember, banks do not call the customer to ask for any account details. Often, RBI and banks run awareness campaigns to aware the customers about the frauds and how to avoid them. They particularly stress the fraud calls and say banks don't call for any bank account details.
Do not download unsafe apps
Never download any unverified apps. Fraudsters may ask you to download screen-sharing apps which would help them to access your phone and steal money. Never click on links received via SMS/email, etc. On Google Play Store and Apple App Store, there are a number of UPI apps but it's not secure to download any app that has no legitimacy. The app store and play store are filled with duplicate apps of BHIM, PhonePe, Gpay, and various other well-known apps. Make sure you download the right app from the right issuer.
Phones are key devices in UPI transactions. Make your phone secure with a strong pattern or password so in case you lost your phone, your UPI apps will be safe from frauds.