Millions of people are using UPI apps to make easy online transactions. It is becoming a widely accepted payment mode by merchants since it is convenient and ensures security.
UPI, which stands for United Payments Interface, is a centralised system connected to people's bank accounts that enable them to send money online. However, this has given online scammers additional ways to cheat people. As a result, UPI fraud has established itself as a widespread threat and reality in the rapidly expanding digital world.
However, every UPI application user must understand how to safeguard themselves from UPI fraud. Here is a detailed guide for you to look into. Keep reading the article to learn four crucial tips to protect yourself from UPI fraud.
4 tips to protect yourself from UPI frauds
When it comes to exploiting people and swindling their money, fraudsters are becoming more creative by the day. They have devised means to crack through several security levels and extort money. Here are four ways that you should learn to use as a self-defence against such fraud:
Use only authentic applications
There can be fake UPI applications made by fraudsters that they might employ to steal your data and money. Once they access your private information, they can withdraw money from your account. So, use a trusted UPI bank app instead. Bajaj Finserv is one of the reliable brands that provide a safe and secure app to make UPI transactions.
Do not enter your PIN while receiving money
You must remember that the PIN is never required to receive money. When you receive a request to pay, you can choose to ‘pay’ or ‘reject.’ You can touch on the ‘pay’ button to make the payment if you are familiar with the other party and the request is legitimate or else, you can reject it.
Be mindful of spam warnings
The majority of UPI apps work to identify fraudsters based on past transactions, and anytime they issue a money request, the app alerts the person receiving the request. Therefore, you must check to see if the request is coming from an actual person. If you receive a notification suggesting the demand might be a scam, it should be declined.
Do not share any confidential information
Never reveal any of your private information, including your password and PIN to anyone. Someone can access your financial information and transfer money if they have access to your phone and know your PIN.
Switch to the most secure platform
Always watch your financial transactions and adhere to the safety guidelines suggested above. Keep an eye on your bank statements and UPI transactions so you can report any doubtful activity immediately. Additionally, for added security, keep your antivirus software up to date on all your devices.
You can use the Bajaj Finserv BBPS platform, since it is one of the most trusted payment platforms to scan the QR code and make payments to merchants nationwide. Download our mobile app today to take advantage of the opportunity to pay bills, make merchant payments, and much more. We also offer various cashback and rewards to our customers for using the UPI service.
So, what are you waiting for? Download the Bajaj Finserv app or visit the website for additional details.
