In the rapidly advancing digital era, the threat of scams is rising. Phishing and scamming, once rare, are now becoming more common, necessitating swift counteraction. Scammers employ deceptive text or email and cunning tactics to acquire personal information and data. Artificial intelligence has further streamlined phishing, making it more prevalent than ever.
Fraudsters target UPI transactions in various ways as they are easy to hack. UPI frauds are becoming a serious concern for all UPI users. Even though the UPI payment gateway provides a robust, secure path to conduct financial transactions, one is still prone to fraud and scams.
Ways to Keep Your Account Secure and Protected From: UPI Frauds
Here are some essential steps to secure your Unified Payments Interface (UPI) account to ensure you avoid UPI frauds:
- Secure App Installation
Scamming is becoming increasingly popular, making it a global concern. Installing apps from third-party stores can increase the risk of scamming. Only download UPI apps from official app stores like Google Play Store or Apple App Store to avoid installing fraudulent apps that may eventually compromise your account security.
2. Transaction Limit
Setting daily limitations is a powerful tool for online transaction security. Use UPI apps’ flexibility to customize your daily transaction limits according to your usage habits. By limiting the daily transfer amount and getting alerts when the limit reaches its limit, you can more successfully identify and stop illegal activities. This control over your transactions can give you a sense of security and empowerment. Set up transaction alerts and limits on your UPI account. This feature lets you receive notifications for all transactions and restrict the daily maximum transaction amount.
3. Close Check
It’s crucial to keep a vigilant eye on your regular UPI transactions. Regularly monitor your account for any signs of suspicious or unauthorized activities, such as unknown transactions, sudden changes in your balance, or multiple failed login attempts. If you notice anything unusual, report it immediately. This proactive approach can help you catch potential fraud early.
When you receive a notification from your bank, pay close attention to it. Understand the difference between a password, PIN, and OTP to stay safe. Thoroughly review the message for any inconsistencies or discrepancies. Keep a record of every message you receive from your bank to ensure you know every transaction made with your UPI ID. This level of caution can help you avoid falling victim to scams.
4. Importance of Security Updates
Constantly updating your UPI app will ensure you have access to the most recent security fixes and enhancements. By keeping up with these upgrades, you can feel proactive and accountable for the security of your account and help shield it from new and emerging dangers.
Although no program is entirely secure, you can only be safe by being cautious of con artists who will stop at nothing to trick you. If you suspect a problem, contact your bank. This vigilance and awareness can help you stay one step ahead of potential fraudsters.
5. Avoid Sharing OTP
The UPI PIN is the primary protection against fraudulent transactions and for the security of digital payments. Select a PIN that is both complicated and unconnected to any personal data. Update your PIN frequently and report any unusual activity immediately to ensure safe online banking habits.
Ensure that you refrain from sharing your OTP in any circumstances. Be mindful whenever you receive calls from anonymous contacts. Ensure that you report fraudsters and block them from your network.
6. Beware of Malicious Apps
Various fraudulent or malicious apps aim to trick you by disguising themselves. The application will be simple to obtain and have a comparable appearance to the existing bank app. If you unintentionally install and run the fraudulent program, your confidential data will be shared with scammers, allowing them to take money from your account. Watch out for doubtful apps like BHIM Payment-UPI Guide, Bhim Modi App, BHIM Financial Guide, etc. These are examples of fraudulent applications that steal personal data from users under the pretense of offering valuable financial services.
7. Fake Customer Care Calls
Scammers might pretend to be customer care services to obtain your personal and confidential data. Ensure you are careful when answering any unknown calls from customer care. The arrival of online shopping mechanisms has made it easy for fraudsters to initiate online frauds. Users are now prone to malicious activity. Exercising precautions while making online payments, orders, and transactions will save you from scams
8. Refrain from Using Public Wi-Fi
Wireless connections installed in public places are prone to phishing attacks. Scammers may set up counterfeit websites or wireless networks to trick people into revealing crucial data. Additionally, it increases the possibility that third-party scammers can steal your confidential data if you download spyware from unreliable websites, mainly when using public computers or unprotected Wi-Fi. It’s critical to exercise caution and recognize these hazards.
Words of Caution
Following these security measures can significantly reduce the risk of facing UPI fraud. Individuals are encouraged to strictly adhere to the fraud prevention procedures and UPI Safety Shield Guidelines suggested by the National Payment Corporation of India (NPCI), a trusted authority in the field, to prevent fraudulent transactions made via UPI. Fraudsters occasionally misuse UPI QR code scams to deceive consumers online. These fraudsters use captivating text and QR codes to entice prey with assurances of rewards or cash. For the safety of online banking, it is imperative to verify deducted amounts for confirmation during online transactions thoroughly.
