Unified Payment Interface (UPI Payment) has become a major deal for people to transfer capital directly from their bank accounts. The transfer does not necessarily need any additional bank account information to verify the payment. And this is where the lies are present.
Fraudulent take advantage of some loopholes which pave their way for earning fast cash. So here we have a complete guide for you on how to use UPI Payment safe and securely to avoid any mishap with your hard-earned money.
Beware of engaging with fraudsters
As we look for the UPI, it allows the bank account holders, having an account in any bank connected to UPI service, to send or receive money via a Virtual Payment Address or commonly known as VPA.
Think of VPA as a unique ID or PIN that entitles you to exchange money only with a generated PIN. People who want to steal your money may ask you for your VPA, whether on a phone call or a chat message, without letting you know it. Never share your payment PIN with anyone.
Be alert to transfer requests on UPI Payment
There are many payment methods that allow the user to send money. Bharat Interface for Money (BHIM), Paytm, Google Pay, and PhonePe are some of the top used applications in India. And every app has one major problem: the “Requesting Money” option.
Requesting money option is the one where any outsider may want to grab money from your side. As of now, every UPI payment shows that there is a money request option. But its lack pointing out the direction of money flow. So it is advised to always look out for notification from the UPI applications to check if the payment is incoming or outgoing.
Look for arrow directions while making a transaction
Applications such as Google Pay shows the direction where money flow is present. This helps the user to check if the money is debited or credited. This clause is one of the most important on our list. Always keep it in mind that a transaction that requires you to enter your PIN will be for sending money out.
As for receiving, no PIN is required. Always make sure you check the location where the money is coming or going to. If you get a money request from an unknown person or someone who you want to check out first hand, decline the request.
Spam warning on your app
Your app may look out for spam options or unknown numbers pointed directly on your payment screen. If you receive a request from someone who is absent from your contacts list, apps like Google Pay display a “Stranger warning”.
Adding to this, many security features have been added to aid the users. The app also identifies payment requests by showing “Spam Warning”, pointing out a high-risk user for your payment.
Limit third-party access to your mobile screen
This is far from, the most common tactic used by the fraudsters. In the past months, several cases have been reported of fraudulent calling as “needed technician” for your service, either for your phone or bank account.
These miscreants use a third-party screen sharing application such as Anydesk, Teamviewer, and Screenshare to get hold of your credentials. A recent case happened in Pune with a professor who was asked to hold your credit cards in front of the phone camera. He immediately got the suspicion and canceled the transaction.
Avoid fake helpline numbers on the social platform
A number of cases have been turned out where users got a post on their social account describing offers, vouchers, cashback, money transfers, initiating refunds, and much more. These were shared from many fake accounts on their Twitter and Facebook page for “Phishing”.
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People are advised to get your hands on services from legit sources. Exercise the add-on services directly from your UPI app. Also, download your app from Google Play Store or iTunes Play Store to prevent any third party installation.