By Priyanka Sambhav
The Unified Payment Interface, i.e. UPI transaction, recorded a new high in October 2020. According to National Payment Council of India’s(NPCI) latest report, the number of UPI transaction has crossed a crucial milestone 200 crore, and these transactions were worth Rs 3.86 lakh crore. UPI transaction gained momentum and saw more massive adoption in the wake of COVID 19 lockdown. People prefer digital mode of payment. In October 2019, UPI crossed 100 crore transaction mark for the first time, and within a year its usage has doubled. So has the scale of transaction which was Rs 1.91 lakh crore last October.
With an increase in the number of users and many being first-time users, UPI becomes an easy target of online fraud too. The UPI app connects to your bank account and gives you the option of easy transfer of funds from different bank accounts. This can be a dangerous affair in case a Scamster manages to breach the security; he can very quickly empty your account.
It is very important to be extra cautious and mindful while using UPI. Here is a list of 5 most important things to watch out for, while handling UPI-
1.First UPI Rule: Beware of too good to be true deals
Be wary whenever making a payment to a new entity. Double-check the identity of the person or outlet where you will be making a payment before heading for a UPI transfer. It could be a restaurant whose number you picked up from any open web source. They could offer you a discount or a deal which may look too good to be true then it could be a false trap.
2. ‘PIN’ Rule of UPI: PIN for debits only not credit
For receiving money on UPI, you don’t require a PIN. Only while making a payment you need to enter the PIN. Always remember that if money has to be credited to your account, then you NEVER have to punch in your PIN. It is the sender who has to use the PIN. Fraudsters have been found to be misusing ‘request money’ in many cases. They pretend to be the buyer of product from you which you have posted online and on the pretext of sending money they would ask you for your PIN.
3.Never share your bank and card details rule
Never share your bank account number and debit/ATM card details with a stranger. These details could be easily used to create a Virtual Payment Address (VPA) ID of your UPI account and reset MPIN to do transactions.
4.Say No to clicking on emails with links rule
Do not click on links sent to you from an unknown source. Be mindful when you have to choose between ‘PAY’ and ‘DECLINE’. If an unknown source is sending a message to pay you and asking you to click the link and then press ‘PAY’, the obvious-sensible question is-to receive some, y should you press ‘PAY’?
5.Careful of Counterfeit apps
Many malicious or fake apps are doing the round at all times. These fake apps look very similar to the actual one and may fool you to download it. These fraud apps can steal your data and misuse it. So before downloading UPI app do check the source of the app and visit the official website of NPCI and understand the features well before downloading it.
Hopefully, these five suggestion helps you to make a safer transaction. Be safe and be alert.
