With the rise of digital payments in India, Unified Payments Interface (UPI) has emerged as a popular mode of payment. It has made sending and receiving money fast, convenient and secure. However, with the increasing popularity of UPI, there has also been a rise in UPI frauds. Cybercriminals use different methods to deceive users and gain access to their UPI accounts. Therefore, it is crucial to take appropriate measures to secure your UPI account from frauds. Here are some tips to keep your UPI account safe from fraud:
Be aware of the different types of UPI frauds
One common type is the ‘Payment Request Fraud’, where fraudsters send a payment request and trick you into accepting it. Another type is the ‘SIM Swap Fraud’, where fraudsters get your SIM card deactivated and activated on their device to receive OTPs for fraudulent transactions. To prevent such frauds, it is recommended that you do not share your UPI ID, password, or OTP with anyone, and verify the payment details before making any transaction.
Don’t share your UPI PIN with anyone
Your UPI PIN is like the password to your bank account. Never share it with anyone, even if they claim to be calling from your bank or UPI service provider. Keep a regular check on your UPI transaction history, and report any unauthorized transaction to your bank immediately. You should also change your UPI pin regularly and use a strong password that is difficult to guess.
Use UPI’s ‘Collect Request’ feature with caution
The ‘Collect Request’ feature is useful when you need to request payment from someone, but scammers also use this feature to trick people into transferring money. Only send collect requests to trusted contacts.
Verify the recipient’s details
Before making any UPI transaction, make sure that the recipient’s details, including the name and UPI ID, are correct. Check the last four digits of the recipient’s account number and verify the UPI ID before initiating any transaction.
Set transaction limits
Most UPI apps allow you to set transaction limits for your account. Set a limit that you are comfortable with, and it will prevent fraudsters from transferring large amounts of money from your account.
Keep your UPI app updated
Keep your UPI app updated with the latest security patches and features. New updates often contain bug fixes and security improvements to keep your UPI account safe. You should also avoid using public Wi-Fi or unsecured networks while making UPI transactions, as they can be easily hacked.
Download UPI apps from Official Source
It is recommended that you do not download any UPI-related apps from unknown sources. Instead, download the app from the official website of your bank or a trusted app store. This will ensure that you are downloading the authentic app and not a fake one that could be used to steal your data.
UPI has made digital payments easy and convenient, but it is important to be aware of UPI frauds and take appropriate measures to secure your account. By following the above-mentioned tips, you can ensure the safety of your money and personal information while making UPI transactions.
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