Due to the Covid-19 pandemic, social distancing norms, and contactless payment methods, UPI payment methods came as a silver lining that transformed the digital payment journey. Along with other international countries, India witnessed a growing demand for Unified Payments Interface or UPI transactions. However, digital payments are paving the way for fraudulent scammers. On online payment platforms or websites, scammers aim to steal people’s hard-earned money.
From the perspective of digital payments, exposure to online scams remains a top concern among people. Don’t panic if you regularly use UPI apps to complete your digital payments.
There are fraudulent individuals in all sections of a society who’re looking forward to earning a fast buck, and the new trend of the digital payment sector isn’t free from this issue. It would help if you stayed vigilant and cautious to ensure that your hard-earned money is safe and you can avoid any UPI frauds. When using a UPI payment app, you can follow a few tips for additional online safety.
- Avoid sharing your financial details.
Do you share your mobile’s password with a third party? The answer is no. Hence, you can adhere to the same practice when it comes to protecting your financial data like your CVV number, ATM/ Debit Card Pin, any security answers related to your digital account, or our specific OTP pin. You should avoid using the same pain for different accounts for more safety. For example, if you’re using the same ATM pin and UPI pin, you’ll be more vulnerable to the likelihood of digital fraud. visit here : mobilerecharge
- Probe the UPI ID with extreme caution
According to reports, the SBI had released a tweet that warned people to contribute their funds towards the proper PM Cares Fund with the following UPI ID: pmcares@sbi. SBI warned people that several similar-sounding yet fake UPI IDs had emerged. The purpose of these IDs was to trick innocent and unwary citizens into transferring money to an overnight fake id.
The advice remains true for all UPI transactions that you can carry out with the help of a favored UPI app shortly. Triple and double-check the UPI ID through which you’ll be transferring your funds. Ensure the accurate ID before clicking the “okay” or “send money” option.
- Don’t insert your UPI pin if you’re receiving funds.
We often encounter scam reports on the internet where users are attracted to insert the UPI pin in revert to a “receive money” request sent by a fraudster. It often happens if a victim wants to sell an item and a scammer reaches them out. A fraudster can convince people that they’ll have to insert the UPI pin to receive the necessary funds. Receive cashback through safe channels.
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Be cautious! Avoid inserting the UPI pin to claim funds or receive money. Any person requesting you to do this is a fraudster.
- It will help if you stay vigilant when receiving a scam KYC call.
As a consumer of net banking or other modes of banking services, you can end up getting phone calls from fraudsters who sound official. Such people can convince you that your profile or account details need an update as part of your Know Your Customer or KYC credentials. These fraudsters can convince you of complex outcomes like you’ll lose accessibility to your bank account if you can’t comply with these regulations. You’ll also be compelled to provide your financial credentials along with the UPI pin.
Refrain from providing confidential financial information like UPI pin or password via telephonic calls. Besides, it would be best to remember that any genuine payment provider wouldn’t inquire about private information like net banking password, ATM number, or UPI pin. You must report such phone numbers right away.
- It would be best if you remain protected.
Strong security software on your PC or mobile device can go a long way when ensuring your security. You can go for a total security solution that can offer the required protection necessary for Android smartphones. These solutions come with advanced security systems like SafePe to ensure your entire financial transactions are encrypted.