Raising awareness around cyber security and safer UPI transactions, The State Bank of India (SBI) has shared some important tips. The Unified Payments Interface (UPI) is an instant real-time payment system by the National Payments Corporation of India to make money transfers truly cashless and paperless. The use of UPI has shifted India towards the digital wave giving the convenience of making transactions with a single click.
But with convenience comes responsibilities. UPI transactions are easy to use but a little carelessness can lead to vulnerabilities. So, in order to be safe from cybercrimes, frauds and scams related to UPI transactions you should always be alert. Raising awareness on the same matter, SBI has taken to Twitter to share tips for safer transactions.
Let's take a look at the UPI security tips shared by SBI to make UPI transactions safer and more secure.
No UPI Pin is needed while receiving a payment
If you are receiving money from someone via UPI, then no UPI PIN is needed. For those who don't know, UPI PIN is the number you enter whenever you are sending money to someone to make a transaction. So, be alert if someone asks you to share your UPI PIN while receiving money.
Whenever you are making a UPI payment via a QR code or phone number, cross-check the person's identity. Never send money via UPI to an unidentified person via a QR code or phone number.
Do not accept random/ unknown collect requests
Sometimes fraudsters use the 'collect request' feature of a UPI app to enable a user to request payment. Often, people respond to the request thinking they are receiving money but instead they fall victim to it transferring that large amount to the fraudster.
Do not share your UPI PIN with anyone
Your UPI PIN is the line of defence for your safety pin. Never ever share it with anyone.
Always verify the beneficiary details while making payment through a QR code
Nowadays, UPI payments made via QR codes have become common. From shopkeepers to auto drivers, everyone puts a QR code for receiving money. But sometimes criminals secretly put their QR codes on the posters to scam travellers and even shopkeepers. So, every time you make a payment, verify the name and details of the person you are sending it to.
Similar to ATM pins, changing UPI pin on a regular basis is good practice. This also saves you from any fraud in case you have shared the pin with anyone accidentally.
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