More than 80,000 UPI-related frauds are reported in a month in India, according to media reports.
New Delhi: Frauds related to digital payments have been on the rise in India. With UPI becoming one of the most popular digital payments modes in India, fraudsters have been deploying unique ways to loot innocuous customers. According to media reports, more than 80,000 UPI-related frauds are reported in a month in India.
Further, between April and September 2021, banks in India reported a total of 4,071 fraud cases, according to a report by the Reserve Bank of India. The total amount in the reported fraud cases stood at Rs 36,342 crore.
With the rising number of bank fraud cases, it’s important to know how to remain safe and protect your hard-earned money. Here’s a list of 5 silly mistakes that you should avoid while making UPI Payments:1/5
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Never Share UPI ID and UPI PIN
UPI users should never share their UPI ID and PIN with anyone, even if someone claims to be a bank representative. Do note that bank representatives don’t ask for details such as UPI ID and UPI PIN. So, even if you are facing issues with UPI payments, don’t ever share such details.
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Neglect Unkown Payment Requests
In one of the modus operands used by fraudsters, a random payment request is sent to users. If you get a pop-up from your UPI app or a text message for an unknown payment request, do not entertain it. You can simply ‘Decline’ the payment request on the UPI app if you find it dubious.
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Use Genuine UPI Apps
Bank account users should always use verified UPI apps available on Google Play Store or Apple App Store. You have to be more careful while selecting third-party UPI apps.
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Update your UPI Pin From Time to Time
UPI users should always keep updating their UPI Pin to stay safe from fraud attacks. The banks also advise their customers to change their UPI pin once in a while to make sure that they don’t become victims of fraud.
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Don’t Entertain Malicious SMS or Emails
Fraudsters do send malicious links via SMS or emails. You should always remain beware of all such links and emails.
