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How to stay safe from UPI scams
How to stay safe from UPI scams
Here are a few things to follow to avoid scams related to UPI payments.
According to a report from the union finance ministry, cyber cells recorded more than 95,000 cases of UPI transaction fraud between 2022-23. While the real-time payment system has been developed by the NPCI (National Payments Corporation of India), UPI is still safe; and scammers are exploiting the loopholes or ignorance of people to extort money.
The scammers send money to the victim's account through UPI applications, then call them and ask them to pay back. However, when the victim returns the money, the scammers hack their UPI account and steal money.
Also, here are some points to follow to avoid scams related to UPI payments:
Use a trusted UPI app: Use UPI apps from trusted sources like your bank or official app stores. Make sure you download it from a trusted source.
Create a strong UPI PIN: Create a strong UPI PIN that is difficult for others to guess and does not use easily identifiable numbers like your date of birth or phone number.
Do not share your UPI PIN: UPI transactions need your PIN, so keep it confidential. Never share your UPI PIN with anyone, even people you trust.
Check payee details: Always check payee details twice before initiating a transaction. Please verify your name, UPI ID and other relevant information before sending money.
Beware of Unsolicited Calls/Messages: Beware of unsolicited messages or calls that ask for OTP, your UPI PIN, or account-related details.
Enable transaction limit: Many UPI applications offer limits that can be set to restrict the amount of money sent in a single transaction. This can help to limit the damage, even if your account is hacked or compromised.
Update UPI app: Always use the updated and the latest version of the UPI app, as updates often include security enhancements and bug fixes.
Track your transactions: Monitor your UPI transactions regularly and immediately report to your bank if you see any suspicious activity.
