Don’t Make These Blunders When Making Online Payments to Avoid The UPI Scam

These days we all uses UPI apps to make payments or receive money. That’s why in this article we will talk about few mistakes that you should avoid to avoid UPI scams.
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Fraudsters and scammers are always there to cheat people and steal money by using UPI. With the evolution in the banking sector, people always feel the need for UPI payment, primarily because of the ease and comfort UPI payment serves. On the other hand, the scammers are always eager to create a sense of need and urgency among the people to rob them.

Gone are the days when men preferred to go to their bank to withdraw their money or transfer it to the dear ones. Unified Payment Interface or UPI has made everything easy and comfortable. It is indeed one of the best achievements of technology, and therefore, both people and banks benefited. UPI is one of the most preferred ways to transfer money in the hour of need. The basic reason for its popularity is that it helps people with cashless transactions and online payments. Now, wherever we see it, every other financial body and stakeholders are mainly dependent upon this payment method.

ALSO READ: How To Reset UPI In PhonePe? Step-By-Step Guide | OyPrice

As UPI is one of the most trusted and used online payment and transaction methods, its popularity is undoubtedly noteworthy. However, with popularity comes a price. And UPI ecosystem is not different. As the ease of UPI payment has grown its popularity among people, it has also helped the fraudsters to steal a large amount of money from people. Every other day the scammers come up with a new idea of using the UPI payment method to rob others. Many cases have been reported regarding the UPI payment fraud in the past few years. The irony is that the UPI payment has made our lives easier and has also made it more complicated. However, there are a few factors that one needs to keep in mind that can decrease UPI fraud.

Never insert a PIN to receive money from somewhere else.

This is perhaps the most possible and common way the scammers use to steal money from someone. Usually, they send an SMS and try to create a sense of urgency and need. They ask you to enter your PIN to send you the money they have promised. One thing to notice here, a bank will never ask its users to enter a PIN to accept any money. Once you enter your PIN, you will be immediately stripped of your money.

Try to avoid unknown people

It is always wise to keep a safe distance from the unknown number or unfamiliar name. Try to avoid making any online transaction with an unknown number. Beware of the phone numbers that are usually provided on the open web sources, like any food outlet or shop, etc. The best way to be safe is to always double-check the identity and when you are confident about the person, go ahead with your transaction.

ALSO READ: How To Change Gpay UPI PIN? Step-By-Step Guide | OyPrice

Avoid any random payment requests to stay away from scam.

Though most UPI applications have a SPAM filter to track specific payment requests from UPI IDs to warn the users before making any transaction or contact with them, it does not change that the users get these payment requests. The warning that SPAM filters show is a red flag. Before you make any payment, always recheck the person’s identity before deciding whether you want to tap on the ‘Pay’ button or ‘Decline’ button.

Stay away from the fake UPI applications

Besides planting fake machines on the original ATMs to steal money from people, there are fake apps that try to grab your details in the name of making a payment or receiving via UPI. These apps are so carefully designed that they look just like the original ones. And most importantly, these apps are very easily available to download. If you, by any chance, install the app on your phone, it will share your personal data directly with the fraudsters, and they will steal your money very easily. Such apps are BHIM Banking Guide, BHIM Payment-UPI Guide, Bhim Modi App, etc.

Remember certain things before making any payment

  1. Never share your PIN with random people.
  2. You must always install the anti-virus and biometric recognition software on your device.
  3. Always keep track of your financial transaction and bank account details.
  4. Keep your details updated with your bank.
  5. Never open an email or links from an unknown source.
  6. Always use a secure and known WIiFi connection 
  7. Keep your bank informed if you ever encounter anything unusual.

ALSO READ: How To Reset UPI PIN In Google Pay? Step-By-Step Guide | OyPrice

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