Five measures to avoid online UPI payment frauds

This digital age, in which everything is connected to the internet, has made many things easier. But, it has opened the door to several online scams, ranging from online transaction fraud to fake websites.

UPI fraud has been a pervasive problem in the wake of increased Unified Payment Interface (UPI) payments. However, if one takes precaution when conducting any online UPI payment, they can themselves from fraudsters. Here are some precautions that can be taken to prevent online transaction fraud.

1] Look out for scammers: Never share your UPI and Pin with anyone pretending to represent a government institution, bank, or well-known company. Examine the details of the SMS sender or caller; if someone asks for your PIN, it is likely that the caller is a scammer.

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2] Mobile/computer access: Never offer customer service agents access to your mobile/computer control that pretend to be updating some vital settings or updating your KYC in your bank/app account.

3] Don’t browse random websites: Do not do transactions on any random website that requests that you claim prizes, cash-back, or money by conducting test transactions. They can simply remove cash from your account once they get your PIN. Before making any transactions, always ensure that the UPI is linked to the correct account owner by checking the name.

4] Change UPI PIN frequently: Change your UPI pin on a monthly basis if possible; otherwise, a quarterly UPI PIN reset is a smart practise to safeguard your account.

5] Set limit to your UPI payment: A UPI payment limit on daily activities via UPI payments can be set. This will allow users to provide more protection.

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