Staying Ahead Of UPI Scams: Crucial Safety Measures For Smart Transactions
In the dynamic era of digital payments and e-commerce, Unified Payments Interface ( UPI ) has undoubtedly emerged as a preferred mode of payment for millions of Indians, revolutionising the way people transfer money and make purchases.
Despite its convenience, the realm of online transactions always carries the risk of falling prey to scammers and fraudsters. Shikhar Aggarwal , Chairman of BLS E-Services, emphasises the importance of safeguarding against potential threats, offering valuable insights into UPI safety.
Use UPI PIN only for deductions:
Shikhar Aggarwal advises users to enter their UPI PIN only when initiating a transaction to deduct money from their account. The UPI PIN should never be required for receiving funds.
Verify receiver's name:
Always ensure proper verification of the recipient's name when confirming the UPI ID before making payments. Caution should be exercised to refrain from making payments without proper verification.
Enter UPI PIN on the app's designated page:
Users are encouraged to input their UPI PIN solely on the dedicated UPI PIN page within the payment app. The confidentiality of the UPI PIN should be maintained, and it should be kept private from everyone.
QR code scanning for payments only:
The use of QR code scanning should be exclusively reserved for making payments, not for receiving money. It is crucial to ensure the legitimacy of the transaction before proceeding.
Avoid downloading unnecessary apps:
Users are warned against downloading screen-sharing or SMS forwarding apps prompted by unknown individuals without understanding their purpose. Caution and verification of the necessity of such applications are essential.
Understand the implication of UPI PIN entry:
It is vital to recognise that entering the UPI PIN results in a deduction from the user's account. Transactions should only be authorised when sure of their legitimacy.
Check SMS notifications:
Regular monitoring of SMS notifications, especially after completing a monetary transaction, is recommended. Users should remain vigilant about any unauthorised or unexpected deductions.
The National Payment Corporation of India (NPCI) has provided these UPI Safety Shield Tips to guide users in securing their transactions.
RBI Kehta Hai , JaankaarBaniye – SatarkRahiye!
The "RBI Kehta Hai, JaankaarBaniye – SatarkRahiye!" campaign, running on various electronic mediums, further educates banking customers about safe and secure digital banking practises.
Amit Kumar , Chief Technology Officer at Easebuzz, highlights the prevalence of UPI QR code scams, emphasising the need for thorough review of deducted amounts during online transactions.
Beware of fake/malicious apps:
Users are advised to download only official UPI apps from reputable app stores to avoid falling victim to phishing attacks.
Verify UPI ID before making the payment:
Double-checking the UPI ID before making transactions ensures users are not inadvertently sending funds to fraudulent accounts.
Do not share OTP:
It is crucial never to share UPI PIN with anyone, including bank officials. No legitimate bank will ever ask for an OTP or PIN.
Avoid clicking on suspicious links:
Vigilance is key, and users should steer clear of clicking on suspicious links that fraudsters often share to initiate payments or gather personal and financial information.
Amit Relan , Co-Founder and CEO of mFilterIt, emphasises the need for vigilance in safeguarding against the rising UPI frauds.
Staying Safe in the Digital Payment Landscape
While UPI payments offer unparallelled convenience, staying vigilant and safeguarding transactions from potential scams is paramount. By following the provided safety tips, such as using official UPI apps, keeping personal information confidential, verifying payment details, securing devices, monitoring transactions, and staying informed, users can significantly reduce the risk of falling victim to scams. As Amit Relan wisely notes, a little caution can go a long way in keeping UPI payments safe and secure.