However, as with any online transaction, there is always a risk of falling prey to scammers and fraudsters. It is crucial to practise caution and take necessary precautions to ensure that your UPI transactions remain safe and secure.
Shikhar Aggarwal, Chairman, BLS E- Services says, “The ease of UPI payment mode also brings forth potential threats from scammers. To safeguard against such risks, users are advised to adhere to the UPI Safety Shield Tips provided by the National Payment Corporation of India (NPCI).”
Listing below the NPCI UPI Safety Shield Tips users must follow:
Use UPI PIN only for deductions: Enter your UPI PIN only when initiating a transaction to deduct money from your account. UPI PIN is never required for receiving funds.
Verify receiver’s name: Always verify the recipient’s name when confirming the UPI ID. Refrain from making payments without proper verification.
Enter UPI PIN on the app’s designated page: Input your UPI PIN solely on the dedicated UPI PIN page within the payment app. Keep your UPI PIN private from everyone.
QR code scanning for payments only: Use QR code scanning exclusively for making payments, not for receiving money. Ensure the legitimacy of the transaction before proceeding.
Avoid downloading unnecessary apps: Do not download screen-sharing or SMS forwarding apps when prompted by unknown individuals without understanding their purpose. Exercise caution and verify the necessity of such applications.
Understand the implication of UPI PIN entry: Recognize that entering your UPI PIN results in a deduction from your account. Only authorise transactions when sure of the legitimacy.
Check SMS notifications: Regularly check your SMS notifications, especially when a monetary transaction is completed. Be vigilant about any unauthorised or unexpected deductions.
Users also need to follow the “RBI Kehta Hai, JaankaarBaniye – SatarkRahiye!” campaign run on various electronic mediums, educating banking customers about safe and secure digital banking.
Amit Kumar, Chief Technology Officer, Easebuzz says, “UPI QR code scams represent a common method employed by fraudsters to exploit individuals online. These scammers use enticing messages coupled with QR codes, tempting recipients with promises of rewards or cash. During online transactions, it’s essential to meticulously review deducted amounts for confirmation.”
“Regular monitoring of transactions, including those initiated by customers, third parties, correspondent banking, or any money transfers must be monitored by individuals. When linking bank accounts to UPI IDs, exercise caution to prevent potential security breaches. Use secure networks and download apps only from the official Play Store or App Store,” said Kumar.
“Beware of counterfeit apps that look similar to original apps and are easily downloadable. Be cautious of deceptive QR codes on posters, flyers, email links, or websites. Scammers can tamper with QR codes and create fake QR codes to redirect victims to malicious sites to steal login and financial information. Be vigilant and pay safe while making digital transactions,” Kumar added.
Amit Relan, Co-Founder and CEO, mFilterIt says, “UPI has become an integral part of our daily life and made transaction processes convenient and quick with just one click. However, UPI has also come under the fraudster’s radar. To stay protected from the rising UPI frauds, vigilance is the key.”
Some of the things to remember when making digital payments via UPI:
Beware of fake/malicious apps: Download only official UPI apps from official app stores like Google Play Store or Apple App Store to avoid being a victim of phishing attacks.
Verify UPI ID before making the payment: Always double-check the UPI ID to ensure you’re not making transactions to a fraudulent account.
Do not share OTP: Never share your UPI PIN with anyone, even bank officials. No bank ever asks for an OTP or PIN.
Avoid clicking on suspicious links: Fraudsters often share links to initiate a payment or fill in personal and financial information.
While UPI payments offer convenience, it is essential to stay vigilant and safeguard your transactions from scammers. By using official UPI apps, keeping your personal information confidential, verifying payment details, securing your device, monitoring transactions, and staying informed, you can significantly reduce the risk of falling victim to scams. Remember, a little caution can go a long way in keeping your UPI payments safe and secure.
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Updated: 28 Nov 2023, 04:30 PM IST