New Delhi: For cashless translation and online payments, the Unified Payment Interface, or UPI, is one of the most popular methods of payment. The payment method is compatible with a variety of financial institutions and stakeholders. UPI is widely used because of its ease of use and efficacy. With increased popularity comes an increased risk of fraud and scams. The UPI ecosystem is no exception. In the last few years, there have been a number of frauds exploiting UPI consumers. In these situations, the same simplicity of payment becomes more of a curse than a blessing. There are, however, some safeguards in place to decrease the chances of fraud.
While using UPI to send or receive money, the user must keep certain criteria in mind.
There are five techniques to prevent getting cheated on UPI.
1. Unknown identities, numbers
It’s usually best to avoid any interaction if you come across an unusual number or even an identity you’re suspicious of. Phone numbers shared on open web sources should be avoided at all costs. For example, phone numbers for food and beverage establishments. Before proceeding with a transaction, it is always a good idea to double-check the person’s identity.
2. PIN Revealation
This one aspect is responsible for one of the most common fraud allegations. To receive money, the bank will never ask for your PIN. While promising to provide money, con artists aim to generate a sense of urgency. To accept the money, they eventually ask the receiver to enter…
