In the last few years, there have been a number of frauds exploiting UPI consumers. There are, however, some safeguards in place to decrease the chances of fraud. While using UPI to send or receive money, the user must keep certain criteria in mind.
New Delhi: For cashless translation and online payments, the Unified Payment Interface, or UPI, is one of the most popular methods of payment. The payment method is compatible with a variety of financial institutions and stakeholders. UPI is widely used because of its ease of use and efficacy. With increased popularity comes an increased risk of fraud and scams. The UPI ecosystem is no exception. In the last few years, there have been a number of frauds exploiting UPI consumers. In these situations, the same simplicity of payment becomes more of a curse than a blessing. There are, however, some safeguards in place to decrease the chances of fraud.
While using UPI to send or receive money, the user must keep certain criteria in mind.
There are five techniques to prevent getting cheated on UPI.
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1. Unknown identities, numbers
It’s usually best to avoid any interaction if you come across an unusual number or even an identity you’re suspicious of. Phone numbers shared on open web sources should be avoided at all costs. For example, phone numbers for food and beverage establishments. Before proceeding with a transaction, it is always a good idea to double-check the person’s identity.
2. PIN Revealation
This one aspect is responsible for one of the most common fraud allegations. To receive money, the bank will never ask for your PIN. While promising to provide money, con artists aim to generate a sense of urgency. To accept the money, they eventually ask the receiver to enter their PIN. This is never the case, and the user will always lose money if they fall into the trap.
3. Unknown Payment Requests
Most UPI apps contain a SPAM filter that monitors payment requests from specific UPI IDs. If you come across such an identification, you will be alerted. For you, the warning should be a massive red flag. Proceed with the transaction only if you are certain the person on the other end is not a scammer. You will be given the option to ‘Pay’ or ‘Decline.’ If you have any doubts, you should choose ‘Decline.’ If you select the ‘Pay’ option, you will never get funds, regardless of the circumstances.
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4. Fake UPI Apps
There were numerous cases of card skimming throughout the period of ATM card machines. The process of recording your credit card information on a bogus machine that is placed over the real one. Fake UPI apps, on the other hand, try to steal your information under the guise of making a payment or receiving it over UPI.
These apps are frequently intended to seem like the official bank app and are easy to find and download. If you download and install the bogus software by accident, it will share your personal information with criminals, allowing them to steal money from your account. Users should be wary of fake apps such as Modi Bhim, BHIM Payment-UPI Guide, Bhim Modi App, BHIM Banking Guide, and others, according to a Citi bank advice.
5. Important things to keep in mind
-Never give out your PIN to anyone you don’t know.
-Maintain anti-virus and biometric recognition software on your computer.
-Never click on links or emails from unknown senders.
-Keep your bank informed of any changes to your personal information.
-Use only secure WiFi networks that you know and trust, rather than open ones.
-Keep track of your financial transactions and bank account statements, and keep a check on your account for any questionable activity.
-If you see anything suspicious, contact your bank right away.
