Finance

How To Avoid Online Payment Fraud While Using UPI Apps

Online payments gateway systems have made our lives much easier and faster than before, as they allow making payments anytime from anywhere within a few clicks. UPI apps are perhaps the most preferred payment methods owing to their high speed, efficient performance, and ease of payment. In May 2022 alone, UPI apps processed 5.95 billion transactions worth Rs. 10.41 lakh crore. However, with the increasing popularity of UPI apps comes the high possibility of scams and fraud. Here are a few safety measures one must follow to avoid online payment fraud and save their hard-earned money.

Avoid Engaging with Strangers

The most crucial step is to avoid engaging with strangers who try to contact via text, phone, or email. Fraudsters often pretend to be representatives from reputed banks, finance companies, and sometimes even the police. They try to offer a loan or credit card, update KYC details, or do any other favor on behalf of the company. Remember, any legitimate finance company or bank never contacts its customers to ask for their personal, transactional, or financial details.

Instead of sharing sensitive information with them, call the finance company directly, validate what they said, and do what they suggested. Besides that, avoid replying to unknown emails, SMSs, and phone calls. These people are trained to convince others and know the tricks and traps to extract crucial data from them.

Never Share PIN and OTP with Anyone

Online payment platforms use one-time passwords to authenticate transactions. However, fraudsters use these security systems to conduct malicious activities online. Finance companies and their representatives never call to ask for PINs and OTPs while processing transactions. Remember, these are sensitive details that may lead to financial loss if used by a fraudster.

Refrain From Opening Unknown Links

Avoid clicking on unknown links as they may be payment requests from impostors. Fraudsters often send counterfeit links that look identical to an original link and aim at obtaining money unethically. A user should never click on such links under any circumstance unless they intentionally initiated it. 

Some callers claim that the user will receive money after clicking on such a link, but what actually happens is the opposite. As soon as they click on the link, the platform connects to the user’s bank account and deducts the amount. Remember, a UPI app user is not required to click on a link and share a UPI PIN to receive money from anywhere.

Double-Check Before Installing an App

Although Apple and Android stores try hard to keep bogus apps at bay, one may still end up installing a phoney UPI app. They seem similar to a reputed financial company that is convincing enough to install. However, before installing an app, check its developer, website, and other details to confirm its legitimacy.

Change UPI PIN Frequently

Ideally, heavy UPI users should change their PIN every month, and normal users should do that at least quarterly. It is a nice trick to keep the account secured and the money safe.

Whether it’s to recharge a mobile, pay a monthly utility bill, or send money to parents at home, the safety measures mentioned above ensure that your UPI online payments gateway remains secure and straightforward.

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