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Simple Ways To Protect Yourself From Fraud When Transferring Money Online Through UPI

The government’s push to make money transfer an online affair has benefited people across the country in multiple ways. Nevertheless, online money transferring also opens doors for frauds if you aren’t aware of the safety hacks you need to protect yourself against the same.

To make people more aware of online money transfer, the National Payments Corporation of India (NPCI) has come forward to inform about the Unified Payments Interface (UPI).

Source – NPCI

UPI is a method that lets users transfer money safely from one bank account to another round the clock, on a real-time basis. UPI is popular because it thwarts the need to share your account number or bank codes with another user. Anyone can set up a UPI ID by simply logging a-into money transferring app like Google Pay.

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An individual can use multiple bank accounts on a single app. Nevertheless, he/she needs to follow these security hacks to save themselves from fraud.

1. Do not share any details what so ever

If you get a call from a person claiming to be a bank representative and he asks you to share any information like card number, expiry date, UPI PIN, OTP, don’t share any such information. Instead, ask them to send you an official email if they want any such information.

If they ask you for your email don’t share it because the bank you have an account with will always have your email address.

Ways To Protect Yourself From Fraud Transferring Money Through UPI
Source –

2. Respond to only official bank emails

Sometimes banks really want to connect to you and they mostly chose the email route. But how do identify if the email has been sent by an official bank? Well, each bank has an official domain and you must only respond to emails sent from the official domain of the bank.

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3. Look for spam warnings

Payment related apps offer ruthless scrutiny when it comes to identifying a spam number. Look out for spam notifications when trying to receive or make a payment from an unknown account.

Ways To Protect Yourself From Fraud Transferring Money Through UPI
Source – India TV

4. Report

If you spot any suspicious accounts, make sure to report it to your bank and mark it that account as spam.

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5. But from reputed merchants

The good thing about payment apps like Google Pay is that it contains a number of online merchants who you can make payment to directly using UPI. However, make sure you only buy from a reputed online merchant after checking reviews and ratings.

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