New Delhi:
Unified Payment Interface or UPI is one of the most preferred modes of payment for cashless transactions and online payments. The payment method works across multiple financial institutions with multiple stakeholders. Ease of payment and performance makes UPI a popular option. But when a platform is being used so much, then the possibility of fraud and scam also increases. The UPI ecosystem is no different.
In the last few years, several scams related to UPI users have come to the fore. In such a situation, the easy way of payment becomes harmful for the people. However, there are ways to reduce the chances of fraud. There are a few things that users should keep in mind while using UPI to make payments or receive payments.
Avoid fraud on UPI
Beware of unknown numbers and users
If you come across an unknown number or even a user whom you suspect, it is always better to stay away from any conversation. You should be especially careful with phone numbers shared on open web sources. For example, especially on the phone numbers of food shops, one should be careful while making payments. It is always best to double-check the identity of the individual before proceeding with the transaction.
Unknown Payment Request
Most UPI apps have a spam filter that tracks payment requests from certain UPI IDs. You will be cautioned if you come across any such identification. The warning should be a big red flag for you. Proceed with the transaction only if you are 100% sure that the person on the other side is not a fraud.
You will get the option of either ‘pay’ or ‘decline’. If there is even the slightest doubt, you should ‘decline’. If you click on the ‘Pay’ option, no matter what the situation, you will never receive the money.
Fake UPI App
In the era of ATM card machines, there are many incidents of card skimming. There is a way to record your card details through a fake machine installed on top of the original card.
Similarly, fake UPI apps try to get your details on the pretext of making payment or receiving it through UPI. Such apps are usually designed to look similar to real bank apps and will be readily available for download. If you accidentally download and install a fake app, it will share your personal data with fraudsters which will allow them to steal money from your account. An advisory by Citibank has claimed that users should beware of fake apps like Modi Bhim, BHIM Payment-UPI Guide, Bhim Modi App and BHIM Banking Guide etc.
You must remember these basics
Never share your PIN with strangers.
Anti virus and biometric recognition software should be installed.
Never open emails or links from unknown sources.
Keep your details updated with your bank.
Use only secure WiFi connections that you trust and not open ones.
Monitor your financial transactions and bank account details and keep an eye out for suspicious behavior in your account.
If you find anything wrong, you should immediately alert your bank.
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