UPI- In the last few years, online or digital transactions have increased manifold in India. There is hardly anyone who has not made a digital payment through a smartphone. But as easy as it looks, it can sometimes prove to be equally dangerous. UPI payment has its advantages as well as disadvantages. You do not need to be afraid but you need to be cautious, because it is related to your hard-earned money.
We all know that with the increase in online transactions, cyber fraud has also increased. Be it the grocery shop in the neighborhood, a vegetable cart or a big shopping mall, online payment facility is available everywhere these days. Just scan the code and make payment instantly, but if you are using any digital payment app (be it Google Pay or PhonePe or Paytm), then it becomes important for you to keep the following things in mind. Otherwise, it will not take long to become bankrupt. Do not make the mistake of ignoring the things mentioned below…
1. Never share your UPI address with anyone
Many people make this mistake and regret it later. Please do not make this mistake. Because keeping your UPI account/address safe is most important. You should never share your UPI ID/address with anyone. Your UPI address can be anything between your phone number, QR code or Virtual Payment Address (VPA). You should never allow anyone to access your UPI account through any payment or bank application.
2. Set a strong screen lock
Another mistake that people often make is setting a very simple screen lock or password/PIN. Avoid making such a mistake and set a strong password. You must set a strong screen lock for all payment or financial transaction apps. If you use Google Pay, PhonePe, Paytm, or any other platform, it is important to set a strong PIN, which should not be your date or year of birth, mobile number digits or any other. You should not share your PIN with anyone and if you suspect that your PIN has been exposed, change it immediately.
3. Do not click on unverified links or attend fake calls
The third mistake is to click on any unknown link without thinking. Do not do this at all. UPI scam is a common technique used by hackers to trap users. It should be noted that hackers usually share links or call and ask users to download a third-party app for verification. You should never click on such links and neither share PIN or any other information with anyone. Banks never ask for PIN, OTP or any other personal details, hence, anyone asking for such information over message or call wants to steal your details and money. You should be cautious in such cases.
4. Avoid using multiple apps
The fourth mistake is to have multiple payment apps on your phone. Avoid this and use only trusted apps. It is advisable not to use more than one UPI or online payment app. There are many digital payment apps that allow UPI transactions, so, you must check which app offers better benefits like cashback and rewards, and make your choice accordingly.
5. Update UPI apps regularly
The fifth mistake that people often make is not keeping the apps they use updated. You are advised to keep updating the apps you use. Every app including UPI payment apps should be upgraded to the latest version as new updates bring better UI and new features and benefits. Updates also often bring bug fixes. Upgrading apps to the latest version also keeps your account safe and reduces the chances of security breaches.