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 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. As there are several UPI Oriented applications such as Google Pay, Phone Pe, Paytm, etc., That has 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 created UPI ID but lightly used its services. For this reason, These types of users are primarily loose in terms of fraud. Because Self Precaution is the primary gateway to getting secured. Unfortunately, many users are new to digital banking and 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 to 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 UPI PIN is a sensitive gateway code to your bank account. And, UPI apps like Google Pay, Phone Pe, etc., ask for UPI PIN to proceed. But, Note that 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 the fraud who make duplicate profiles on the payment gateway application. So, Make sure to check the Receiver’s Information before sending money.
Ensure UPI PIN Secrecy
Your UPI PIN is one of the primary paths to access 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 payments apps, several frauds take QR codes as support for their scam. It means continuously checking the receiver’s QR code correctly. Suppose you found any doubt with 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 from an official source. However, if you find any discrepancies, contact your payment app’s help page. Either, you can get your bank’s dedicated branch. Conclusively, UPI payments are developed for secure fund transfer but using the above SBI added precautions, the same will be more confident than ever.
