How To Protect Yourself fraud on UPI apps
How To Protect Yourself From fraud on UPI Apps: If You Use UPI payment apps like GPay, Paytm, PhonePe regularly? As much as these tools bring convenience to our transaction pattern, they have certain pros and cons which we need to be mindful of.
UPI enables bank account holders (banks participating in UPI). To send and receive money. Using a Virtual Payment Address (VPA), a unique ID, without the need for additional bank information. Fraudsters ask for a Virtual Payment Address (VPA) when they are involved in a phone call or chat.
Therefore, during such apps, users should be aware of UPI payment security tips and strategies to avoid being a victim of cyber fraud. Some simple steps include not clicking on random links, answering fraudulent calls, providing details of necessary transactions like PIN number, password etc.
Here’s few tips and tricks you should follow to save yourself from UPI transaction fraud
Don’t share your pin
Comes first on the list – never share your PIN. Whether it’s a friend, a family member, or even someone you trust heavily – sharing a PIN with someone makes you a victim of fraud. If your PIN has appeared, change it immediately.
Beware of transferring requests to UPI
Fraudsters take advantage of the ‘Request Money’ option in UPI apps like Bharat Interface for Money (BHIM), Google Pay, PhonePe etc. Fraudsters show interest in buying products advertised on various online platforms and connect with sellers over the phone. Call that they ask the seller of the product to transfer the money using the UPI app ‘Request Money’ option. There have been many such scams in the last few months.
Use strong password
Lock your phone and your payment app with a strong password. Most of the people use simple passwords like your name, date of birth, mobile number etc – this should be avoided. To make your password stronger, make it a combination of letters, numbers and characters.
Keep your transaction mode simple
Try to use only one payment app and that too a trusted and verified payment application. Using multiple apps increases the chances of fraud.
Update UPI app regularly
Every application needs updates and each update brings better features and benefits. You should always update to the latest version of the UPI Payments app.
Too Many Fake UPI Apps
There are duplicates of some UPI apps in Google Play and Apple App Store. For example, after the launch of BHIM in December 2016, NPCI had complaints about multiple duplicate BHIM apps being available in the Google Play Store. Some of the names with which the fake apps were listed in Google Play Store are Modi BHIM, BHIM Modi App, BHIM Payment-UPI Guide, BHIM Banking Guide, Modi Ka BHIM etc. However, after receiving complaints from customers in January 2017, these fake apps were downloaded from the Google Play Store.