How to ensure security with UPI transactions?

Today’s financial transactions have undergone a radical change due to the Unified Payment Interface (UPI). Using this rapid, easy, and secure method, you can send money straight to the recipient from your wallet or bank account. You don’t need cash or credit cards to transfer money, pay bills, or make online purchases when you use the UPI bank app.

To protect your money, as with any online transaction, you should take appropriate security measures. Keep reading to learn how to ensure security with UPI transactions:

Keep Your UPI PIN Safe:

Your bank account’s secret is your personal identification number (PIN) or UPI. Thus, it is crucial to maintain its security and safety. Avoid using PINs or easily guessed digits that are the same as your phone number or birthdate.

Furthermore, never give your UPI PIN to anybody, not even close friends or relatives. Establish a powerful, one-of-a-kind PIN that only you will know, and change it often.

Verify The Recipient’s Information:

Before sending a UPI payment, always ensure the recipient’s information is accurate. Verify that the mobile number or UPI ID you entered is correct for the money transfer recipient.

If you need clarification on the recipient’s identity, use the Verify Payment Address function on most UPI apps. This will help prevent mishaps or fraudulent transactions.

Aware of Phishing Websites

It is advisable to avoid clicking on links or installing programs from unfamiliar sources. These may lead to fraudulent websites and steal account credentials. Phishing scams commonly target UPI users through social media, email, and SMS.

Cybercriminals deceive their targets into opening phony links and divulging private information such as account credentials, one-time passwords (OTPs), and UPI PINs. Never open attachments or links from dubious emails or SMSs; never divulge private information online. Before responding to any messages, confirm them with your bank directly.

Analyze transaction details regularly.

For your UPI Safety Shield to function properly, you must regularly log into your bank account and review transaction records. Check your account’s debits carefully for unsuccessful or unauthorized transactions you do not recognize. This assists in early fraud attempt detection.

Certain banks even send transaction warnings to guarantee that this function is engaged. Contact your bank immediately to dispute any fraudulent transactions. Before authorizing payments, make sure the beneficiary’s name, the amount, and all other transaction details are correct. Don’t depend just on SMS previews.

Use the official UPI applications:

Since there has been an increase in UPI fraud, scammers have produced a large number of phony apps and websites that purport to be well-known UPI services like Paytm, Google Pay, and PhonePe. Before downloading any new UPI payment app, check developer information and thoroughly study user reviews.

Likewise, before inputting critical information on any website, double-check the URL. Watch out for small spelling errors in website addresses. For safe transactions, stick to NPCI-approved UPI apps like BHIM, Paytm, Google Pay, etc. Don’t use unidentified third-party apps.

Final words:

The above points guide you in executing a secure UPI transaction. Zero saving account open is appropriate for people irrespective of age, but be sure to open an online account in a reputed bank.

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Helen Ellis