Six ways to protect yourself from fraud on UPI apps such as Google Pay, PhonePe :
V/D/C NEWS :
The UPI enables bank account holders (of banks participating in the UPI) to send and receive money using a Virtual Payment Address (VPA), a unique ID, without requiring additional bank information. Fraudsters tend to ask for the Virtual Payment Address (VPA) on a phone call or while engaging you in a chat. Hence, while such apps, the users need to be aware of UPI payments safety tips and tricks to avoid falling prey to cyber frauds. Some simple steps include not clicking on random links, answering fraud calls, giving out essential transaction details like PIN number, password etc.
Here are a few tips and tricks you should follow to save yourself from UPI transaction fraud:
First in the list comes - never share your PIN. Be it a friend, family member, even someone you trust dearly - sharing PIN with anyone makes you vulnerable to frauds. If your PIN has been revealed change it immediately.
Be alert to transfer requests on UPI
Fraudsters take advantage of the ‘request money’ option on UPI apps such as Bharat Interface for Money (BHIM), Google Pay, PhonePe, etc. Imposters show interest in buying a product advertised on various online platforms and engage with the seller on a phone call. They make the seller of the product to transfer the money using UPI apps’ ‘request money’ option. There have been numerous instances of such frauds in the last couple of months.
Use strong password
Lock your phone and your payment apps with strong password. Usually most people use simple passwords like your name, date of birth, mobile number, etc. - this should be avoided. Make it a combination of letters, numbers and characters to make your password strong.
Keep your transaction mode simple
Try using only one of the payment apps and that too a trusted and verified payment application. Using multiple apps increases the chances of fraud . Update UPI App regularly
Every application requires an update and each update brings better features and benefits. You should always keep updating the UPI payment app to the latest version.
Counterfeit UPI apps galore
There are counterfeits for some of the UPI apps on Google Play and Apple apps stores. For instance, after BHIM’s launch in December 2016, there were complaints to NPCI of numerous duplicate BHIM apps available on Google Play Store. Some of the names with which the fake apps were listed on Google Play Store were Modi Bhim, Bhim Modi App, BHIM Payment-UPI Guide, BHIM Banking guide, Modi ka Bhim, etc. However, after receiving complaints in January 2017 from consumers, these fake apps were pulled down from Google Play Store.
