Are you in doubt about making UPI payments? Have you heard of any UPI-based fraud? We are asking because nowadays technology is everyone’s ally including fraudsters. The Unified Payments Interface (UPI) was launched in 2016 and since then, in terms of value and volume, UPI service use has increased dramatically. Last month in August 2022, NPCI recorded 657 Cr transactions worth ₹10.73 trillion, in terms of value. Such a mass use of this service also attracts greedy fraudsters to scam you.
Tremendous Growth In UPI Payment Usage And Frauds
Cashless UPI transactions are unexpectedly the most convenient way of making payments. This unique money transfer system saves you from standing in the long waiting lines in the banks, thus helping you to preserve both time and energy. But these features not only attract normal users to register for UPI, but they also invite fraudsters as they see an amazing opportunity of looting ‘not so technologically aware individuals. Such scammers put all their efforts into finding loopholes in such payment systems to rob the public each time in a unique way.
“During the lockdown induced by the COVID-19 pandemic, people received the money in their bank accounts just by pressing a button”, said FM Nirmala Sitharaman.
“Several doubts were raised about how electronic payments would work, especially in rural areas where Internet connectivity is patchy, but now “in spite of COVID India leads the world in UPI payments,” she asserted.
Here’s How To Make UPI Payments Safely, Six Tips Shared By SBI or The State Bank of India
To make your UPI payments experience more secure and safe, SBI or the State Bank of India has shared a few safety tips with a tweet.
“Always remember these UPI security Tips while using or making UPI transactions. Stay Alert & #SafeWithSBI”, reads the caption.
6 Tips From SBI To Make UPI Payments Safely:
- Remember, you don’t have to enter your UPI PIN while receiving the payments.
- Always confirm the identity of the shopkeeper or person you are sending money.
- If you see any random payment approval on your UPI app from a person you don’t know about, then don’t accept it.
- This one is obvious, but still, remember not to share your UPI PIN with anyone.
- After scanning a QR code, always confirm the identity of the beneficiary to make sure your money goes where you want it to be.
- As the last tip, SBI says, “Change your UPI PIN regularly”, we say, change your UPI PIN monthly.