The use of UPI (Unified Payments Interface) systems has increased from the past few years. Users not only find it convenient to transfer money through UPI but also think it is user-friendly. However, majority of the people do not know that UPI payments are not secure if proper measures are not taken. According to a report by Future Crime Research Foundation (FCRF), the Ministry of Finance has found more than 95,000 UPI-linked frauds in 2023 alone.
The ease of UPI payment mode also brings forth potential threats from scammers. To safeguard against such risks, users are advised to adhere to the UPI Safety Shield Tips provided by the National Payment Corporation of India (NPCI), says Shikhar Aggarwal, Chairman, BLS E- Services.
Considering the fast paced modern life, apart from India several other countries like UAE, Nepal, Singapore, Bhutan, and Mauritius have also adopted the UPI mode of payments for instant real-time payments.
Below are some of the best ways that you must follow to protect your hard earned money, and keep your UPI transactions safe from online scams and frauds.
7 Quick and Easy Ways To Prevent Online UPI Scams and Frauds
Follow below mentioned steps to prevent UPI scams, and protect your online transactions from fraudsters.
1. Use UPI PIN Carefully: Be careful about using UPI pins. Users must note that the UPI pins are required only while making the online transactions. There is no need of UPI pin when you receive the amount. These days fraudsters trick you by sending some amount to your UPI and request your UPI pin. If you enter the pin, Scammers can easily hack your UPI account, and steal the money. Therefore, do not accept any random UPI money that requests a UPI pin.
2. Verify the Recipient: While making the online UPI payments, people often do not bother about verifying the receiver. To avoid UPI scams, it is important to refrain making payments without proper verification of the recipient.
3. Do Not Share UPI ID: To prevent online UPI frauds, users must keep their UPI IDs private from as many people as possible. Only share the UPI ID with trusted individuals. Avoid disclosing your UPI IDs on public platforms.
4. Careful Use of QR Code Scanning: The QR code scanning is only required while making the online UPI transactions. Do not enter any QR code while receiving the payments because it may be a trick by scammers to hack your UPI account.
5. Encrypt Your UPI Account: Keep your UPI account encrypted by a unique strong password, and do not share this password with anybody. This will protect your account from a UPI scam.
6. Keep a Track of Your UPI Account: Be vigilant about the transactions made through UPI. Check your UPI transactions regularly, and report any unauthorised or suspicious activity. Contact your bank immediately if you suspect of a UPI scam.
7. Avoid Using Public Wi-Fi for UPI Payments: To prevent the online UPI scams and frauds, people should refrain from using public Wi-Fi since they are not password protected. It is better to use your mobile internet or personal Wi-Fi during UPI payments.
How To Retrieve Money Lost Via UPI Fraud?
Follow below steps immediately after a UPI Scam to retrieve the money.
Contact your bank immediately and report all details about the UPI Fraud.
File a complaint in your nearest police station, and submit all the necessary documents.
Register a complaint on the official cybercrime portal of India, cybercrime.gov.in.
Seek help from UPI customer support from the application.
Register a complaint on NPCI portal.
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