UPI payment fraud: Here’s how to keep your transactions safe

Digital transactions have grown rapidly in recent years, and we can now easily use the United Payments Interface (UPI) on our cellphones. UPI money transmission is also relatively safe because it is fully supervised by the Reserve Bank of India (RBI). Transactions have become more convenient since the implementation of this system, but we must be cautious because there is now a risk of fraud due to our reliance on the Internet. As you may be aware, your cell phone serves as a virtual money wallet in UPI payments, making it an ideal target for financial fraud. In such a case, caution should be exercised when using the mobile app for financial transactions.

Here are some steps that can help you to secure your transactions:

  • Be wary of links or phony phone calls: Hackers may send you a link or call you to ask you to download another program for verification. Never respond to such phone calls or click on such links.
  • Continue to update the UPI App: Updates to the UPI app should be applied on a regular basis as they become available — updating your phone installs the most recent security updates, making your app safe to use.
  • Notify immediately: If you encounter a problem with a payment or transaction, please 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, double-check the information. When the UPI app scans the QR code or you manually enter the number or VPA for payment, the receiver’s registered name appears on the screen. Before completing the purchase, please double-check the name. If the money is given to the incorrect person, it will not be returned.

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