UPI has accelerated cybercrime incidences even if it has made money exchange easier than ever. Over the past two years, there has been an exponential growth in digital transactions. The growing acceptance of the UPI payment app has fueled the boom in digital payments. Thus, when utilizing mobile apps that facilitate financial transactions, it is essential to exercise caution and follow safety guidelines. Here mentioned are the crucial points to bear in mind when selecting UPI payments:
Never share your UPI pin:
The most crucial thing to remember is never giving up your 4- or 6-digit UPI pin to yourself. Before each transaction, the UPI-enabled app requests the PIN. Thus, it would help if you created a unique PIN when you linked your bank account to your UPI ID. Afterward, it starts secure payments, just like an ATM pin. UPI PINs should be kept private.
Restrict screen sharing:
Your UPI applications shouldn’t be accessible to screen-sharing apps. Certain untrusted apps put your sensitive financial information, including passwords and one-time passwords, in danger of data breaches. You can always go into the settings and turn off the apps’ ability to access your screen. Limiting them guarantees that your bank information is safe.
Stay alert on unverified links and fake calls:
Remarkably, you don’t require a QR code or UPI pin when receiving payments on UPI apps. A kind of certificate is only needed when sending money. Hackers frequently phone or send links to third-party applications they ask you to download for validation. Avoid answering calls like this or clicking on such links. Recall that banks will never call you to request your PIN, OTP, or private information. You can disclose your banking details to unapproved identities if you give in to such unsolicited attempts.
Prefer UPI ID over phone number:
Obtaining the recipient’s UPI ID or payment QR code is advisable before sending money remotely. Sometimes, it could be monetarily. A phone number is not a good idea since you might need to type it correctly.
Keep your UPI ID updated:
As soon as new updates for your UPI payment app become available, you should install them immediately. Security updates are one type of upgrade that makes your software safer to use and less vulnerable to security breaches.
Avoid using more than one app:
Switching between the various UPI apps installed on your phone might be somewhat complicated. Having many UPI apps does not provide any benefits. Rather, it usually leads to mistakes. UPI transactions are free to complete and can be done from any app to anybody. Because UPI is interoperable, transactions between two UPI users can be completed using any bank or UPI app.
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If you experience any problems with your payments or transactions, report them immediately using the UPI app’s help center. You can link your zero balance account to make a UPI payment. Using apps that function effectively with your bank and have a low failure rate will help you have a more positive UPI experience.