When making UPI (Unified Payments Interface) payments, there are several important things to keep in mind to ensure the security and smooth execution of your transactions. Be aware of the latest UPI frauds as fraudsters come up with new ways to steal money.
UPI is an instant payment system developed by the National Payments Corporation of India (NPCI), an RBI regulated entity. UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties’ bank accounts.
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Here are some key points to consider:
Secure your UPI PIN: The UPI PIN is crucial for authorising transactions. Keep it confidential and do not share it with anyone. Avoid using easily guessable PINs such as birth dates or sequential numbers.
Use official UPI apps: Install and use only the official UPI apps provided by registered banks or authorised payment service providers. Verify the app’s authenticity before downloading it from an app store.
Verify the payee details: Always double-check the payee’s UPI ID or VPA (Virtual Payment Address) before initiating a transaction. A slight error in the recipient’s details can lead to the transfer of funds to the wrong person.
Cross-check transaction amount: Verify the amount you are about to transfer before confirming the transaction. Ensure that it matches the intended payment and there are no discrepancies.
Beware of phishing attempts: Be cautious of phishing messages, emails, or calls that impersonate your bank or payment service provider. Do not click on suspicious links or provide sensitive information in response to unsolicited communication.
Check network connectivity: Ensure you have a stable internet connection before initiating a UPI transaction. A weak or interrupted connection may cause transaction failures or delays.
Keep transaction records: Maintain a record of UPI transaction details, including transaction IDs, dates, and amounts. It can serve as evidence or reference in case of any discrepancies or disputes.
Update your UPI app: Keep your UPI app updated to the latest version. Updates often include security patches and bug fixes, ensuring a more secure and reliable payment experience.
Monitor bank statements: Regularly review your bank statements or transaction history to identify any unauthorised transactions. If you notice any suspicious activity, report it to your bank or payment service provider immediately.
Enable app lock or biometric authentication: If available, enable additional security features such as app lock, fingerprint, or face authentication for your UPI app. It adds an extra layer of protection to prevent unauthorised access.
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Remember, while UPI is a convenient and efficient payment method, it’s crucial to prioritise security and take necessary precautions to safeguard your financial transactions.
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