How to Protect Your Money from Upi Scams

Posted by Helena Khan on December 14th, 2022

Internet payment methods may have made cashless transactions simpler, which has given online scammers additional ways to make money. Unified Payment Interface (UPI) frauds are now a typical occurrence as a result of the growth in UPI payments. However, we can Protect Your Money from fraudsters if we exercise caution when making any online UPI payment.

What Is a Pin?

The dedicated platform known as UPI enables users to send money without providing an account number or IFSC codes. The virtual payment address, or UPI ID, and the user's phone number could be used to make UPI transfers. The UPI will Protect Your Privacy From Hackers and the person from the main problems of online transaction methods by doing away with the need to provide the bank account number and the IFSC Code. That is the theft or improper use of sensitive data online.

Using the UPI PIN to conduct financial transactions is a secure, seamless, and effective method.

What Occurs if I Type the Incorrect Upi-Pin During a Transaction?

The transaction will not go through if you input the incorrect UPI PIN. The bank may momentarily prevent transmitting money through UPI from my account if you repeatedly input the incorrect UPI PIN (this varies from bank to bank).

• When receiving money, you don't need to enter your UPI Pin.
• Always check the recipient's identity before sending them money.
• Accept no random, unidentified collect requests.
• Never disclose your UPI Pin to anyone
• When making a payment via a QR code, always double-check the beneficiary information.
• Change your UPI pin regularly.

Request Money is used to request money from the other party, according to the HDFC Bank UPI FAQ. When you agree to a request for money, you are agreeing to pay the other party. So if you put validate the request by putting your PIN, it will debit the money from your account."

Here Are the 5 Security Measures You May Take to Protect Your Money from Upi Fraudsters: 

1. UPI PIN: Never give your UPI or Pin to a customer service agent who calls or texts and says they are from a bank, a government agency, or another well-known firm. They will never ask for your UPI Pin. These calls rely on your fear of losing access to your account or even some crucial app updates. Always verify the details given by SMS senders or callers; if someone requests your PIN information, they are probably a scammer.

2. Mobile/computer control: Never allow customer service agents access to your computer or mobile device while they are claiming to update some crucial settings or your KYC in your bank or app account.

3. Avoid visiting random websites: Do not do transactions on any arbitrary website that requests that you conduct test transactions in order to collect incentives, cashback, or money. Making Re 1 transactions is a method that will have them send you back 2 after getting your UPI-PIN. They can quickly make withdrawals from your account once they get your PIN. Before beginning any transactions, verify sure the UPI is always associated with the correct account holder by checking the name.

4. UPI PIN change: If you don't change your UPI pin every month, it's a good idea to reset it every three months to secure your account.

5. UPI payment limit: Through UPI payments, a daily transaction limit can be enabled & Stay Safe Online.