UPI (Unified Payment Interface) is one of the successful payment solutions that crossed 5 million counts for the first time in a single month this year. And this number counts for how helpful UPI is in India. But, along with its benefits, several users lose their money due to silly mistakes.
Meanwhile, concerning benefits, UPI needs some precautions to make your transactions safer. There are several UPI-oriented applications, such as Google Pay, PhonePe, Paytm, etc., that have security gateways. But every user should take some precautions. So, SBI has laid down some security tips for you.
SBI Tips to Secure Your UPI-Oriented Transactions
Even now, numerous users have created UPI IDs but have only lightly used its services. For this reason, these types of users are primarily vulnerable in terms of fraud. Because self-precaution is the primary gateway to getting secured. Unfortunately, many users are new to digital banking and are not innovative about it.
Following this, the State Bank of India (SBI) has laid down some common tips or causes that care for your banking transactions. The bank claims these tips are helpful for users who are not so clever with UPI usage. So without wasting any more, let’s take a look at those precautions.
Know UPI PIN Requirement
SBI says the UPIÂ PINÂ is a sensitive gateway code to your bank account. And UPI apps like Google Pay, PhonePe, etc. Ask for a UPI PIN to proceed. But note that a UPI PIN is required for transferring money. It means there is no need to enter the PIN to receive money. So, make sure not to enter your UPI PIN for receiving purposes.
Verify the receiver’s UPI ID.
Before sending money to any unknown UPI ID, check their mobile number, name, and UPI ID. It would be required to be far away from fraudsters who make duplicate profiles on the payment gateway application. So, make sure to check the receiver’s information before sending money.
Ensure UPI PIN security.
Your UPI PIN is one of the primary paths to accessing your bank account. And this PIN is a permanent code until you change it. So, we cannot consider it the same as OTP. Because OTP is a one-time password and PIN is a permanent access number until you reset it. So, do not share your PIN in the name of OTP.
Check the QR code.
With the arrival of digital payment apps, several fraudsters use QR codes as support for their scams. It means continuously checking the receiver’s QR code correctly. Suppose you have any doubts about the QR code. Then, immediately make it clear to the receiver. By doing this, you will avoid QR code-related fraud using UPI.
Furthermore, some standard tips are always paid for from an official source. However, if you find any discrepancies, contact your payment app’s help page. Either way, you can get to your bank’s dedicated branch. Conclusively, UPI payments are developed for secure fund transfers, but using the above SBI-added precautions, the same will be more confident than ever.