The technology is transforming at a very rapid pace and so does our lifestyle. The change has occurred so instantly, that sometime we not even realized where we were few months ago. Like our payment system. I don't remember when the last time I carried "cash" in my wallet or shirts pocket. The introduction of UPI payment system in Indian economy has made life very convenient for people. The other day, I had a conversation with a hive user, regarding the amount of cash I usually carry. Then I realized I have Rs.500 currency notes kept in my wallet for long and not been utilized. The reason, everything is done with the help of mobile. I have already written this post, where I discussed the entire UPI system. But to keep in short the crux of the technology is :
UPI is a single pay virtual payment address instead of sharing the IFSC code, or account number etc to transfer the money. With the introduction of VPA, one can do the payment transaction from virtual payment address without sharing any of your details. Which is called as UPI ID. IT is also a QR code-based payment system. Which not only transfer funds, but it also allows the user to do merchant payments.
Now, we have the QR codes even with a roadside tea seller or a rickshaw puller who are happy to get the amount directly into the bank account rather than keeping changes. Life gets to convenient, that several other countries like UAE, Nepal, Singapore, Bhutan, and Mauritius have also adopted the UPI instant real time payments system. However there is always two sides of a coin, and so does UPI payment system. The ease of UPI payment mode also brings forth potential threats from scammers. Many of the userbase are not aware that UPI payments are not secure and vulnerable for scams if proper measures are not taken. As per a report, there are more than 90000, UPI linked Fraud cases alone in 2023.
It is important for the UPI users to follow certain laid out tips to safeguard against any such possible scammers attack.
The payment system requires the use of PIN to initiate the payment. Be careful there is no need of PIN when you receive any amount. To safeguard from any hacking possibility do not accept any random UPI money that requests a UPI pin. It might open gate for the scamsters.
The ease at which UPI are used many a times user do not bother about verifying the receiver. It is advisable to cross check the receipient name and payment confirmation after making any payments.
Just like we have the ATM pin secured with us, similarly never share the UPI pin to anyone. Only share the UPI ID with trusted individuals. PIN is for own purpose and reference.
Tricking with QR code has been regular now. It is important make use of it sensibly. QR code is basically used while making payment only. Keep this alwsys in loop and prevent from being tricked.
Encrypt the UPI Account with strong password. This is another importsnt way of protection which many users unable to understsnd. This will protect the account from a UPI scam.
UPI is more secured when done over own network. Refrain from using public Wi-Fi since they are not password protected. It is better to use your mobile internet or personal Wi-Fi during UPI payments.
With all the above precauton, it becomes important for every user to keep a Track of Your UPI Account. UPI payment is linked with bank account with same mobile number updated. Check your UPI transactions regularly, and report any unauthorised or suspicious activity to the bank. Any unauthorised activity could be a possible scam.
In case an user has fallen victim to one or more of the scams, take immediate action to retrieve the money lost. One can follow below steps immediately after a UPI Scam to try to retrieve the money lost :
Contact the bank and immediately report the Fraud matter.
Report the fraud case in your nearest police station, and disclose all the necessary documents.
Register the complaint on cybercrime portal of India, "cybercrime.gov.in".
Register a complaint on NPCI portal.
It is not easy to retrieve the money, but we can only do our best to get back what we lost. The use of UPI (Unified Payments Interface) systems has increased from the past few years. Users not only find it convenient to transfer money through UPI but also think it is user-friendly. But at the same time, we need to be vigilante with its use to safeguard against the risks of scamms.
It is important to protect our hard earned money, and keep our UPI transactions safe from online scams and frauds.
