UPI Fraud: 5 Ways To Save Yourself From Payment Fraud

UPI Fraud, Unified Payments Interface (UPI) Transactions have received lots of incentives from the government. It is a real-time payment system that allows users to transfer money instantly from one account to another by using mobile phones. It was developed by the National Payments Corporation of India and controlled by RBI and Indian Bank Association. But you need to be careful of UPI fraud if you use your smartphone for making payments.

The challenges of cyber security increase every day and you need to keep yourself updated. When you use your smartphone for making payments then it becomes your wallet that is vulnerable to security breaches. But it is not difficult to keep your mobile phone safe and prevent yourself from UPI fraud.

If there was one silver lining to the COVID-19 pandemic, it was the effect it had on India’s digital payment journey. According to the Chief Operating Officer of the National Payments Corporation of India (NPCI), the digitization of India’s payment landscape was accelerated by the pandemic. The number of Unified Payments Interface (UPI) transactions in September 2020 rose to over 180 crores in volume and over INR 3 lakh crore in value.

With the rise of digital payments, there has also been an increase in fraudulent scammers aiming to trick innocent people of their hard-earned money. A survey in May 2020 observed that 31% of respondents in India had recently been a victim of card fraud or digital payments or knew someone else who had. Vulnerability to being scammed remained one of the biggest concerns when it came to making digital payments.

If you’re a regular user of UPI apps to do your digital payments, there’s no need to panic. Every section of society has fraudulent individuals looking to make a fast buck and the newly growing digital payment sector is no exception. By staying cautious and vigilant, you can ensure that your money stays safe and you don’t become a victim of UPI fraud.

Just keep these things in mind and save yourself from UPI Fraud

Say No To Screen Sharing Apps

Screen sharing apps can be an easy threat to your security. Even if you have them, do not give them access to your UPI app. If you do give access there is a risk that scammers will know your PIN and Passwords. Disable open relaxation for screen sharing apps by going to app settings.

Protect Your UPI App

Make sure that no one can access your UPI app. You need to set a screen lock password and update your UPI PIN regularly. This way your UPI will be safe and you will have no risk of UPI fraud.

Verify Name Of Beneficiary

Before proceeding with a transaction always verify the name of the beneficiary to whom you are sending money. When you scan a QR Code or enter an unknown mobile number; the registered name of the account holder appears on your career. Always confirm the name before sending the money.

Go For QR Code Or UPI ID

When you are sending money to someone always prefer to send by entering a UPI ID or by scanning QR Code because there is a possibility that you enter the wrong number. Always confirm the name of the account. If you are in doubt, firstly send Rs 1 in person’s account.

Update Your App

You have to make sure that your UPI Apps are updated regularly because it is important for security. UPI Apps roll out security features in updates and if you don’t update your app then you are depriving yourself of security and getting in risk of UPI fraud.

These practices are very simple and can be done regularly. Remember that you don’t need to shut yourself out of the world due to issue of cyber security. You just need to bring good habits to practice and you are good to go.