Essential tips for secure transactions with UPI | Fusion - WeRIndia

Unified Payments Interface (UPI) revolutionized digital transactions in India.

Developed by the National Payments Corporation of India (NPCI) in 2016, UPI allows seamless money transfers between bank accounts using smartphones.

Unlike traditional systems such as RTGS, IMPS, and NEFT, UPI offers a unified platform that links multiple bank accounts and operates across different apps.

Before UPI, India faced challenges with various interbank transfer systems. These systems had complex rules and extensive paperwork. NPCI aimed to simplify and automate payments, leading to the creation of UPI.

With standardized API specifications, UPI streamlined online payments, boosting the digital economy and making it easier for businesses to accept digital transactions.

However, as UPI usage grows, so does the need for secure practices.

Here are some essential UPI safety tips to ensure secure transactions:

• Your UPI PIN is required only to deduct money from your account, not to receive money. Ensure you use the PIN only on the app’s UPI PIN page and never share it with anyone.
• Always verify the recipient’s name when checking the UPI ID. Do not proceed with the payment without this verification.
• Scan QR codes only for making payments, not for receiving money. Ensure the code is from a trusted source.
• Do not download screen sharing or SMS forwarding apps when prompted by unknown individuals. Understand the app’s utility before installing it.
• Your UPI PIN is confidential. Treat it like your ATM PIN or internet banking password. Enter your UPI PIN privately to avoid others seeing it.

In addition to these tips, follow these broader safety measures:

• Be cautious of unsolicited emails, messages, or calls asking for your PIN, OTP, or other sensitive information. Do not click on suspicious links. Also, don’t download attachments from unknown sources.
• Download UPI apps only from official app stores like Google Play Store or Apple App Store. Avoid third-party websites or unverified sources.
• While making payment check the recipient’s UPI ID or mobile number carefully. Also, make sure the entered amount is correct to prevent overpayments.
• Regularly update your UPI app to the latest version. This helps benefit from security enhancements and new features.
• Check your bank statements and UPI transaction history regularly to know if any unauthorized transactions are done in your account. If you find any suspicious activity, then report it to your bank immediately.
• Set daily transaction limits to minimize risk if your UPI account is compromised.
• Enable app lock features in your UPI app for an extra layer of security.
• Perform UPI transactions over secure and private internet connections, not public or unsecured Wi-Fi networks.
• Learn the latest UPI scams and fraud techniques to recognize and avoid them.

By following these tips, you can enjoy the convenience of UPI while keeping your transactions secure.

Stay vigilant and protect your financial information from potential threats.

Image Credit: Suyash.dwivedi, CC BY-SA 4.0, via Wikimedia Commons

Image Reference: https://commons.wikimedia.org/wiki/File:Bhim_upi_ID_to_accept_entrance_fee_at_Shaurya_Smarak_Bhopal.jpg