UPI Fraud: Tips to keep yourself safe from scammers while making UPI payments

Digital payments through Unified Payments Interface (UPI) has become an essential part of daily transactions for many people. This platform, managed by National Payments Corporation of India (NPCI), has made it easier to send and receive money. But, with increasing digital transactions, the risk of UPI fraud has also increased. 

Phishing scams, UPI PIN scams and money transfer by mistake are some of the cons that are being used to deceive people. Over 95,000 cases of UPI  fraud transactions were recorded in India in 2022-23, as per the finance ministry data. This marks a sharp rise from 84,000 cases in 2021-22 and 77,000 cases in 2020-21.

There are several ways you can secure your account from UPI fraud. By following these tips you can remain vigilant against scammers.

Tips to protect yourself from UPI fraud

Do not share your UPI PIN/OTP: One big mistake people often make is that they share their UPI PIN or OTP with scammers. Fraudsters often pose as representatives from banks or government agencies to trick people into revealing their financial details. Remember that no bank or government authority will ask for your OTP, PIN or password.

Don’t open random links: You may receive messages from unknown numbers asking you to click on a link to receive a reward or update your Know Your Customer (KYC) details. Clicking on these links will allow scammers to collect your UPI PIN and withdraw money from your account. Do not visit such links from your devices.

Check any payment link: Before making any payment, you should always check the account holder’s name and UPI link. Do not accept a payment link if any unknown account has requested it. This can help you avoid UPI fraud.

Beware of counterfeit apps: Do not download and install any fake payment apps. These apps profess to provide banking or financial services and steal customer data.

Use only secure Wi-Fi connections: Using unsecured, public Wi-Fi connections can leave you vulnerable to hackers. Ensure that you use a secure mobile internet or Wi-Fi connection while making any transactions so that your personal data is safe.

Alert your bank immediately: Keep a regular track of your financial transactions. Alert your bank immediately if you see any suspicious activity. Keep a UPI payment limit for daily transactions so that you can get an alert when any unauthorised payment takes place.