Monday, July 15, 2024

MONEY MATTERS : Tips to keep your UPI transactions safe

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UPI stands for United Payments Interface created by The National Payments Corporation of India (NPCI). It is a centralized system that integrates an individual’s bank accounts and allows them to transfer money online.The UPI ID can be generated using the bank account information and the mobile phone associated with the bank account.

The application will send an OTP (one-time password) to the user’s cell phone number, which can be used to complete the registration process and set a PIN. Following that, transactions can be completed with either the mobile number or the UPI ID.

UPI fraud has become a common hazard and reality in the rapidly evolving digital world.
Here are a few examples of common UPI frauds;

Phishing Scams: Scammers send an email or SMS with illegal links. When you click on these links, your account will be debited automatically. Remote Screen Monitoring: Downloading an untrusted app from the app store may result in a privacy breach and data leak on occasion.

These third-party apps can access UPI app information and steal personal information from your phone, potentially leading to UPI fraud.

Fake Calls: Fraudsters will call you pretending to be from the government and requesting your UPI pin or forcing you to download a third-party app, claiming it is required for verification.

Unverified Links: Most people are unaware that when using the UPI app to receive money, users do not need to scan a QR code.To safeguard here are few tips to protect yourself from UPI frauds which are as follow:

UPI Pin: Do not share your UPI Pin with anyone, especially those posing as government or bank officials.

Change your UPI Pin: Change your UPI Pin on a regular basis (quarterly).

UPI Transaction Limit: Establish a daily UPI transaction limit. This ensures that even if your account is hacked, the fraudsters do not withdraw excessive funds from it.

Safe/secure surfing/browsing: If you receive any rewards, do not be tempted by an unknown mobile number. Online payments should only be made through reputable websites.

Protecting your phone: Never respond to unconfirmed calls or messages from people posing as officials. Keep your phone locked at all times, and never give your phone to someone you don’t know for any transactions. To protect your phone, use licensed and trusted anti-virus software.

Identification/Authentication: Always double-check the identity of the person to whom you are sending money.

We should all keep a close eye on all the scams that occur on a daily basis. Fraudsters are tightening their grip and becoming freer to commit all of these crimes, which is something we must all keep an eye on as the world becomes more digitalized.

By staying cautious and vigilant, you can ensure that your money stays safe and you don’t become a victim of UPI fraud.

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