UPI or Unified Payments Interface launched in 2016 has changed the face of real-time payments. It has made cashless transactions seamless. It has integrated several banking accounts into one mobile application (of any participating bank). UPI has made digital payments very easy and transactions done through this method have risen astronomically to Rs. 10.7 trillion in August.  

Although digital transactions are paperless and save time and energy, there is always the risk of fraudsters pilfering out the money from your account. In view of the heightened scams, SBI has given out 6 tips to make UPI transactions safer. 

What Is An UPI PIN? 

An UPI Pin (UPI Personal Identification) is a passcode you create or set during registration with this App. It is usually between 4 to 6 digits. You have to enter the UPI-PIN to permit all bank transactions. If you have already set an UPI PIN with other UPI Apps, you can use the same on BHIM. 

What Happens If I Enter The Wrong UPI PIN during a transaction? 

The transaction will fail if you input the wrong UPI PIN. If you enter the wrong UPI PIN multiple times, the bank can block sending of money using UPI from my account. This will differ across banks. 

6 TIPS Given By SBI To Avoid UPI Fraud

  1. You don’t have to enter the UPI Pin while receiving money. 
  2. Check the identity of the person you are sending money to. 
  3. Do not accept any random unknown collect requests
  4. Don’t share your UPI PIN with anybody. 
  5. Always check the details of the beneficiary while making the payment through the QR code.   
  6. Check your UPI PIN regularly. 

Request Money Option

As per the HDFC Bank UPI FAQ, Request Money is used to request money from the opposite party. When you acknowledge and accept a money request, it means that you are accepting to pay the opposite party. So, if you validate the request by entering your PIN, it will debit the money from your account. 

RBI introduces UPI Lite

The BHIM App now supports UPI Lite as stated by the NPCI Press Release. Customers from eight banks - Punjab National Bank, State Bank of India, Union Bank of India, Utkarsh Small Finance Bank, Canara Bank, HDFC Bank, Indian Bank, and Kotak Mahindra Bank can currently use the UPI Lite on the BHIM app according to the NPCI. 

Conclusion

Following the tips given above can help in making safe transactions through UPI. 

FAQS 6 Tips To Avoid UPI Fraud

1:How to protect UPI Fraud? 

Refrain from giving access to customer care representatives and other unknown people to your UPI app. Also, you can set a fingerprint lock for your UPI. One more way is to set an upper limit on the amount that can be withdrawn from your UPI app. This way, you can minimize potential losses.

2:How to secure the UPI ID?

Keep strong passwords for your UPI app. Do not share the MPIN with anybody and not even with the bank. Beware of unknown callers who say they are from your bank. Use biometric authentication if possible. 

3:Is Whatsapp secure for payment? 

Yes, Whatsapp payments are secure. This is because they are done through the government’s UPI payment systems. 

4:How do I find the owner of an UPI ID? 

  • Open Google Pay
  • Tap your photo in the top right.  
  • Tap the bank account whose UPI ID you want to see. 
  • You will find the relevant UPI ID under "UPI IDs".