5 Cautionary Measures To Avoid Falling Victim To UPI Fraud

The most widely used method for online and cashless transactions is the Unified Payment Interface (UPI). Apps like Paytm, PhonePe, and GooglePay have become integral for millions of users across the nation. However, with the increasing volume of transactions, there is a parallel rise in UPI-related fraud cases, with 95,000 incidents reported nationwide in the fiscal year 2022–2023. It’s crucial to exercise caution when using UPI to ensure the security of personal and financial information. One common fraudulent occurrence involves miscreants obtaining sensitive details by posing as bank representatives.

To safeguard against UPI fraud, the National Payment Corporation of India (NPCI) has suggested the following measures:

Verify the Recipient:

Confirm the recipient’s UPI ID before making any transactions.

Avoid making payments without proper confirmation of the recipient’s details.

Conduct thorough research on the recipient, especially when dealing with payments mentioned on social media or other public online sources.

Use PIN Only for Payments:

Be aware that banks or UPI apps will never ask for your PIN to receive payments.

Any message requesting your PIN for purposes other than making payments is likely fraudulent.

Strictly use your PIN only for authorised payment transactions.

Payment Through QR Code Only:

Payments should be made through QR codes; you should never need to scan a QR code to receive money.

Be cautious if someone requests you to scan a QR code for receiving funds, as this may be an attempt at fraud.

Avoid Downloading Unnecessary Apps:

Refrain from installing unnecessary apps on your phone.

Download apps only from legitimate app stores to ensure their authenticity.

Exercise caution, especially when asked to download screen-sharing or SMS-forwarding apps, and only do so when you fully understand the purpose.

Don’t Ignore Spam Alerts:

UPI applications have a spam filter that tracks repeated payment requests.

Pay attention to warnings regarding payment requests from spam IDs.

Decline payment requests from suspicious or repeatedly flagged IDs to prevent falling victim to scams.

By adhering to these guidelines, users can enhance their security while making UPI transactions and mitigate the risks associated with fraudulent activities.