Tips To Prevent UPI Fraud
If online payments have made cashless transactions more convenient, they also created a new revenue stream for online criminals. UPI fraud has been a widespread occurrence in the wake of increased Unified Payment Interface (UPI) payments. However, if we exercise caution when making any online UPI payment, we will be able to protect our hard-earned money from fraudsters.
Tips To Prevent UPI Fraud
Do not share your PIN or Password with anyone
Never give your UPI and Pin to anyone who claims to represent a government organization, a bank, or a well-known corporation. They will never inquire about your UPI Pin. These calls play on your fear of losing access to your account or of missing an essential update in an app. Always examine the details of the SMS sender or caller; if someone asks for your PIN, it is likely that the caller is a scammer.
Avoid visiting the random website
Do not do transactions on any random website that asks you to receive incentives, cashback, or money by conducting test transactions. It is a ruse in which you make a Re 1 transaction and they return 2 by acquiring your UPI-PIN. They can immediately withdraw funds from your account once they get your PIN. Before making any transactions, always ensure that the UPI is linked to the correct account holder by checking the name.
Mobile/computer control
Many people use basic information such as their date of birth or phone number as their (Personal Identification Number) PIN, which scammers may readily guess. You should keep a strong password or PIN for your Lock Screen that no one can quickly guess. Most importantly, if you use UPI apps or have any financial apps on your phone, always keep it locked when not in use. When your phone is locked and has a strong password, there is less likelihood of UPI fraud by abusing your personal data, even if it is stolen or lost.
Keep Minimum UPI Apps
With almost everything available online, many people prefer to do all of their shopping online. As a result, in order to entice customers, various retailers provide discounts on payments made through various applications. As a result, to maximize their benefits, online customers use various payment apps. Using several payment apps, on the other hand, increases the likelihood of being defrauded. As a result, it is best to stick to one or two payment apps for all of your purchases. Furthermore, updating the programs on a regular basis can help to ensure optimal security.
Take adequate notice of spam warnings on your UPI app.
Most UPI apps attempt to identify fraudsters based on previous transactions, and if they send a money request, the app sends a warning notification to the request’s receiver. If you receive a signal indicating that the request may be a fraud, you must be cautious and confirm that the request is real. Scammers might also offer phishing links to make payments via emails and SMS messages. These links will take you to the UPI app, where you can input your PIN to debit your bank account.
Be careful when using Screen-sharing Apps.
It is also necessary to use screen-sharing apps with caution and only when necessary. These apps may have access to sensitive data that could be exploited. If you have such apps on your phone, it is best to delete them if they are no longer needed. However, if you require them, exercise caution when granting data access when configuring them.
Keep an eye on your UPI transactions and bank records as well, so you can report any suspicious transactions or acts right away. Additionally, keep your anti-virus software up to date on all of your devices for added security. Like this post? Don’t forget to check out our other short stories in our Quick Read section