5 Tips To Secure Your Account From UPI Frauds

Before the concept of inter-bank transactions using mobile apps emerged, transferring money was a huge deal. Since RBI has launched the UPI interface, the payment methods have become very easy. Ever since its inception, UPI has gained wide popularity and has made people’s task of transferring funds quite simple and hassle-free. However, with the increased use of UPI, the UPI frauds have also accelerated. In this blog, we will discuss what UPI is and what safety measures we can take to prevent ourselves from UPI frauds.

What Is UPI?

Unified Payment Interface (UPI) is a mode of payment that enables you to transfer the funds from one bank to another instantly and free of cost. Each user has his own ID called UPI ID, which is a unique identification for financial transactions. While transferring funds through UPI, you can simply choose the receiver’s contact number from your contact list or enter the phone number. The app will ask you for UPI PIN which is a 4 or 6-digit unique identification number.

This interface also lets you track all the monetary transactions or payments done through that ID. You can anytime make payments for your bills and do money transfers instantly without revealing your account details and at free of cost.

How To Secure Your Account From UPI Fraud

While UPI is gaining wide popularity, it has also led to the increase of UPI frauds. The cases of UPI frauds are increasing at an alarming rate. Some of the most common incidences of frauds include payment requests, phishing, usage of OTPs. However, being careful and taking little precautions can save your hard-earned money from fraudsters.

Let’s discuss how fraudsters can fool you to misuse your UPI accounts and what precautions you can take to prevent yourself from falling prey to UPI scams.

OTP And UPI PIN Scams

The most common scam these days is fraudsters pretending to be bank representatives or financial advisors and asking for OTP or PIN over the call. Some fraudsters also send ‘request money’ links through which the money in the account gets deducted if you click the link.

Therefore, never share your OTP or UPI PIN with anyone. While making UPI transactions, you get OTP from banks for identification which is the only genuine one.

Unverified Download Of Applications

Lot of people download various unverified applications that can easily access their details on phone. Such applications can extract all the information from the phone. Sometimes, fraudsters pretend to be bank representatives or financial advisors and ask you to download random applications. Once you download such apps, they get full access to your phone.

Hence, it is recommended not to download unverified applications on your mobile phone. Also, check if the website or app is registered and verify their email address.

Phishing Scams

Fraudsters sometimes send unauthorised payment links through SMS. Clicking on these links will direct you to UPI apps on your phone and will then ask you to choose a payment method. So, unknowingly you may lose your money instantly without even realising it.

Few authorised UPI apps keep sending alerts that they do not send any link to click to make payments. Therefore, it is suggested not to click any link to make or receive funds unless you genuinely use UPI app to transfer money. In addition, it is a good idea to change your UPI PIN frequently to secure your account.

Website Scams

Few random websites ask you to claim rewards, cashbacks or vouchers by making transactions. You must have come across a few websites offering you double cashbacks while you make minimal transactions. Such websites get hold of your UPI PIN and instantly withdraw the money from your account.

Always ensure that you are transferring the money to the right person and your UPI is linked to the correct account holder.

E-Commerce Platforms Scams

Mostly fraudsters target the users that are active on reputed websites such as Myntra, Amazon and approach them as the representatives of such sites. They then persuade the users to share their OQ codes or contact numbers. Eventually, users lose all his money from their accounts.

Hence, ensure that you request money only from your acquaintance. Do not share your confidential details apart from your mobile number with anyone. Also, do not entertain those people who claim to be bank representatives and ask your bank details.

Conclusion

The best way to secure your account is to stay away from strangers and do not reveal your important details with them. Additionally, do not click unauthorised links or entertain calls or messages that claim to be bank representatives and ask for OTP, UPI PIN or your contact details.