Tips to Safeguard Against the Rising UPI Scam Trend: According to Shikhar Aggarwal, Chairman of BLS E-Services, the convenience of the UPI payment method also exposes it to the risk of fraudulent activities. Users are encouraged to comply with the UPI Safety Shield Guidelines, which have been issued by the National Payment Corporation of India (NPCI), in order to mitigate these potential hazards.
Tips to Safeguard Against the Rising UPI Scam Trend
Users must adhere to the NPCI UPI Safety Shield Guidelines listed below:
Only use the UPI PIN for deductions:
When initiating a transaction to deduct funds from your account, and only then, enter your UPI PIN. Never is a UPI PIN required in order to receive funds.
Consistently validate the identity of the recipient when establishing the UPI ID. Avoid executing payments in the absence of appropriate verification.
Enter the UPI PIN on the designated page of the app:
Provide your UPI PIN exclusively on the payment application’s dedicated UPI PIN page. Protect your UPI PIN from view by all.
Scan only QR codes for payment purposes:
Scan QR codes only when making payments; do not use them to receive cash. It is imperative to verify the transaction’s legitimacy prior to continuing.
Avoid downloading unnecessary applications:
Don’t download screen-sharing or SMS-forwarding applications from unknown sources without first understanding their purpose. Demonstrate prudence and ascertain the essentiality of these applications.
Consider the following implications of entering your UPI PIN:
It is important to note that inputting your UPI PIN will cause an account deduction. Authorize transactions only when the legitimacy is certain.
It is advisable to consistently review SMS notifications, particularly in the event that a financial transaction has been finalized. Maintain vigilance regarding any unauthorized or unanticipated deductions.
It is also imperative that users adhere to the “RBI Kehta Hai, JaankaarBaniye – SatarkRahiye!” campaign, which is disseminated through diverse electronic platforms and aims to inform banking patrons about the security and privacy implications of digital banking.
Amit Kumar, Chief Technology Officer, Easebuzz says, “UPI QR code scams represent a common method employed by fraudsters to exploit individuals online. These scammers use enticing messages coupled with QR codes, tempting recipients with promises of rewards or cash. During online transactions, it’s essential to meticulously review deducted amounts for confirmation.”
“Regular monitoring of transactions, including those initiated by customers, third parties, correspondent banking, or any money transfers must be monitored by individuals. When linking bank accounts to UPI IDs, exercise caution to prevent potential security breaches. Use secure networks and download apps only from the official Play Store or App Store,” said Kumar.
“Beware of counterfeit apps that look similar to original apps and are easily downloadable. Be cautious of deceptive QR codes on posters, flyers, email links, or websites. Scammers can tamper with QR codes and create fake QR codes to redirect victims to malicious sites to steal login and financial information. Be vigilant and pay safe while making digital transactions,” Kumar added.
Amit Relan, Co-Founder and CEO, of mFilterIt says, “UPI has become an integral part of our daily life and made transaction processes convenient and quick with just one click. However, UPI has also come under the fraudster’s radar. To stay protected from the rising UPI frauds, vigilance is the key.”
Consider the following when conducting digital payments through UPI:
- Avoid fraudulent attacks by downloading only official UPI applications from official app stores, such as the Google Play Store or the Apple App Store.
- Confirm the UPI ID prior to completing the transaction: It is imperative to consistently verify the UPI ID in order to avert conducting transactions on a fraudulent account.
- Do not disclose OTP: Your UPI PIN should never be disclosed to anyone, not even bank officials. A bank never requests a PIN or OTP.
- Scan reportspot links with caution, as fraudulent individuals frequently distribute links that request personal and financial data or payment initiation.
Although UPI payments provide convenience, it is critical to maintain a state of constant vigilance in order to protect your transactions from fraudulent activities. You can greatly reduce the likelihood of becoming a victim of frauds by utilizing official UPI applications, maintaining the confidentiality of your personal information, verifying payment information, securing your device, monitoring transactions, and remaining informed. It is crucial to exercise caution when conducting UPI payments to ensure their safety and security.