UPI payment safety tips: Unified Payments Interface (UPI) allows users to make easy money transfer, pay utility bills such as electricity, mobile phones, broadband, etc. Now you can also buy and renew insurance policies, make donations to relief funds, recharge mobile phones, DTH connection and metro cards, book movie tickets, bus and train tickets, etc. Payment of bills at restaurants, kirana stores and other physical stores can also be done with UPI.
UPI allows users to transfer money any time, on a real-time basis, across multiple bank accounts, without revealing details of one’s bank account to the other party. As UPI continues to gain popularity, it is important for customers to be aware of all that would save them from falling prey to online fraudsters.
In case the user loses his/her phone, NPCI suggests to immediately block the account linked on any UPI App present on the phone. “Unknown persons will not be able to use your UPI related apps as UPI-PIN is required to authorize all transactions. In addition, contact the customer support of your bank,” National Payments Corporation of India (NPCI) said today.
Before entering the UPI PIN, users should always remember that UPI PIN is never required to receive money. The UPI PIN is required only when sending money to other UPI account. NPCI suggests, “Be sure and attentive before hitting the Pay or approve button on any payment app.”
Users should always keep a track of all SMS’s/emails and other official communication channels from the bank on your transactions, statements, safety instructions and important announcements.
Also, always carefully check every messages, popups or requests that you receive on your payments app while dealing with a transaction.
NPCI suggests that users should pay attention to messages from their bank. Know the difference between a password, PIN and an OTP and carefully examine the message to stay protected. Also, keep a note of all the messages from the bank to make sure you’re aware of all the transactions to and from your account.
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Source: Financial Express