We are addicted to United Payments Interface or UPI payments now. No one carries wallets and cash in it like before. Paying someone or receiving money from them has now become a lot easier than ever. We have experienced the convenience, speed and accuracy of UPI and now cannot escape it. In fact, in the last two years, millions of Indians have adopted UPI as their primary source of trading.
However, all these benefits and advancements have attracted scammers. They are always finding loopholes or gaps in this secure payment system to financially scam the users. You will need to be cautious while making UPI transactions. So, here are the major hacks to make your UPI transactions safe.
Effective Ways to Make UPI Transactions Safe
Verifying UPI ID
Don’t be in a hurry while making UPI transactions, always verify a person’s UPI ID beforehand. Whether you are paying via a QR code, UPI ID or mobile number, just verify and read the beneficiary’s name before sending money.
Don’t Reveal Your UPI PIN
It doesn’t matter who is asking, just don’t let them know your UPI PIN. Whether a bank professional calls you or even your close relatives, just don’t share your UPI PIN.
“It’s important to understand that UPI PIN is not required to receive money. To do the same, UPI handles can be shared. One is required to enter a UPI PIN/password or scan a QR code only for debiting money,” Mehul Mistry, Global Head, Digital Financial Services & Partnerships at Wibmo.
Check Deducted Amount
After the payment has been deducted you should always check the exact amount and which person it has sent to. You can take a look at the bank’s deduction message which is received after every deduction.
Also read:Why You Should Not File ITR Without AIS? Know What it is
Use UPI Helps Section
“In case of transaction-related issues, users can use the help section within the UPI app itself. The NPCI has trained experts who are available 24×7 to assist users with any concerns or issues regarding UPI transactions.”