Here are a few tips to avoid UPI frauds

In the country, the number of Unified Payment Interface (UPI) transactions is increasing. For the financial year 2021-22, the payment service, which was introduced in 2016, surpassed the $1 trillion mark in transaction values. Furthermore, in March 2022, UPI transactions surpassed the 5-billion mark for the first time.

Because this method of payment can be used by different financial institutions and stakeholders, an increasing number of people are electing to use it. However, as the number of people using UPI grows, so does the possibility of becoming a victim of fraud. Several UPI-related frauds have grabbed the news in recent years.

However, there are various safeguards that a user can take to protect oneself from such scams. Here are five pointers to bear in mind when using UPI to send or receive payments:

Unknown numbers and users should be avoided.

An unknown phone number or user should be regarded with suspicion. It is best to avoid any talk if you are unsure about something. Numbers shared on open web sources should be avoided at all costs.

To get money, never input your PIN.

A handful of consumers have reported being scammed after receiving a message or email asking them to give their PIN. To receive money, your bank will never ask for your PIN. Scammers posing as money senders employ this tactic. Do not fall into these traps.

Payment Request Unknown

The spam filter in most UPI apps tracks payment requests from specific UPI IDs. If a user encounters such identification, they will be alerted. Only complete a transaction if you are certain that the person on the other end is not a fraudster.

Apps that seem like UPI but aren't

A number of UPI apps have been discovered that attempt to obtain a person's information under the guise of making or receiving a payment via UPI. They appear to be identical to the original bank apps, so read up on them for more information. If you download and install a bogus app by accident, it will share your personal information with fraudsters, allowing them to steal money from your account.

Keep these fundamentals in mind.

- Never give out your PIN to anyone you don't know.

- Your phones should have anti-virus and biometric recognition software installed.

- Never click on links or emails from unknown senders.

- Keep your bank informed of any changes to your personal information.

- Make sure you're connected to a secure WiFi network that you can rely on.

- Keep track of your financial transactions and account information.