Unified Payment Interface (UPI) has revolutionized electronic payment systems in India. It is used to make payments using a mobile application linked to your bank account. You can transfer money to the recipient’s bank account in less than a minute. The entire payment process through UPI is non-communicative, and this proves its usefulness during the Kovid period. UPI uses a highly secure platform. Users will first need to register with UPI using the same mobile number already registered with the bank. Despite having a secure platform, there is a risk of fraud if you are not careful when using UPI for transactions.
Here are the important things to keep in mind to secure UPI payments and avoid fraud
Verify UPI ID before sending money
You can transfer payments to the recipient’s unique UPI ID through your UPI-enabled app. Similarly, you can get paid by others with your unique UPI ID. It is important to share the correct UPI ID when you want to receive payment. When you send the payment, you need to verify the UPI ID of the recipient before starting the transaction. To further reduce the chances of making a mistake, you can transfer / accept a very small amount (e.g., Rs. 1) for confirmation.
Verify payment time with QR code
You can transfer money to the recipient by scanning a UPI QR code. Once you scan the QR code, the payment page will show the recipient’s unique UPI code. You must verify the QR code before transferring money. There are cases where fraudsters have replaced the QR code of the merchant with their QR code. Later, people transfer payments and are deceived. To avoid such situations, you must use a QR code verified and shared by the merchant or payment receiver.
Never share your UPI PIN
When you transfer money using a UPI-enabled app, a unique PIN is required to authenticate the transaction. You need to set up a unique PIN when linking your bank with your UPI ID. UPI PIN is required for transfer of payment and non-receipt of payment. You must not share UPI PIN with anyone.
Keep your phone screen locked with password
If your phone is locked with a password, it reduces the chances of fraud when you use UPI for any payment transaction, especially when your phone is lost and misplaced. This will help if you avoid easily guessing passwords, which anyone can easily crack. Try to memorize your password. Always change your password at regular intervals.
Avoid using several UPI apps
Loading multiple UPI apps on your mobile can be confusing and you can easily get it wrong. Since UPI transactions are free, using multiple UPI apps does not help you in any way. “UPI is interoperable, which means money can be transferred between two UPI users through any bank or UPI app. When making payments to someone using a different app from you, you may have difficulty paying for their phone number, but you can always pay with their QR code or their UPI ID which follows the name @ bank format, ”advises Bankbazar CEO Adhil. Sethi .com
Never click on a verified link
There have been reports of people being tricked into clicking on links received via SMS or email. You must avoid clicking on unfinished links on your phone. Such links are often used to hack your phone to steal your identity and banking password / PIN. You can delete them immediately or block the source if you find such links. In some cases, people get a call from fraudsters claiming to be bank officials. They ask people to provide OTP, PIN or download an app using the link sent in SMS / WhatsApp. Do not follow such instructions from unfamiliar or unknown sources.
Check the SMS received on the amount deducted
Despite all efforts, you should be careful about all the transactions happening in your bank account. Whenever you use UPI to make a payment transaction, you must check the SMS received from the bank to your registered mobile number to verify the amount deducted from your account.
If you encounter any problems with UPI transactions, you can contact your bank’s customer service by calling the toll-free number provided. All UPI-enabled apps come with helpline features. You must use such features and report any malicious financial activity to your account.