UPI fraud alert: Follow these 5 tips to avoid online payment traps
PremiumWith the increase in the number of UPI usage, there’s also a great risk of falling prey to banking frauds
For online payments, the Unified Payment Interface (UPI) is one of the most popular methods of payment. It is widely used because of its efficacy. With the increase in the number of UPI usage, there’s also a great risk of falling prey to banking frauds. In the last few years, there have been instances of a number of frauds exploiting UPI consumers. There are, however, some safeguards in place to decrease the chances of fraud.
Dileep Seinberg, Founder & CEO, MuffinPay has listed 5 security measures while using UPI payments.
1) Never share your UPI & PIN with any customer care call or messages who is claiming to represent some Govt institution or bank or some known company. They will never ask for your UPI PIN. These calls play around with your fear of losing your account access or maybe some important update in an app. always check the details of the SMS senders or caller, if someone is asking for your PIN details, it is doomed to happen that the caller is a fraudster.
2) Never give access to your mobile/computer control to customer care representatives who are claiming to update some important settings or update your KYC in your bank/app account.
3) Do not make transactions to any random website which is asking you to claim rewards, cashback or money by making test transactions. It is a trick to make 1 ₹transactions, and they will send you back 2 ₹by collecting your UPI-PIN. Once they have your PIN, they can withdraw from the account immediately. Always make sure the UPI is linked to the right account holder by checking the name before initiating any transactions.
4) Keep changing your UPI pin every month, if not so then a quarterly change of PIN is good practice to secure your account.
5) You can enable a limit on daily transactions by UPI.