RBI : From tea shops to large shopping centers, the adoption of UPI, net banking, and digital wallets has surged significantly. While the ease of transferring money quickly has simplified our lives, it has also heightened the risk of funds being sent to the wrong account or falling prey to cyber fraud due to a minor error.
With this in mind, the Reserve Bank of India (RBI) has urged customers to stay alert as part of its public awareness initiative. The central bank’s straightforward message is: Stay informed, stay alert! Consequently, the central bank has once again warned the public and advised them to consider certain factors before making any digital transactions.
Before sending money, double-check these two details
The latest advisory from the Reserve Bank emphasizes that whenever you transfer money from your mobile device or computer, ensure to verify the two key pieces of information listed below before hitting the pay or confirm button.
Correct beneficiary name: Ensure that the name shown on your screen matches the person or merchant you intend to send money to. An incorrect UPI ID or mobile number can lead to funds being sent to an unintended recipient’s account.
Exact amount to be sent: Carefully verify the digits of the amount you wish to transfer. A careless addition of an extra zero (0) could mean sending Rs 500,000 instead of Rs 50,000.
What to do if money is sent to the wrong account?
If your funds are mistakenly sent to an incorrect UPI ID or bank account, instead of panicking, promptly follow the steps outlined below.
File a complaint by visiting the help section of your UPI app, such as Google Pay, PhonePe, Paytm, or BHIM. Reach out to your bank branch or customer service and provide them with the transaction ID and a screenshot of the message. You can also submit an online complaint regarding the erroneous transaction through the Dispute Redressal Mechanism by visiting the official website of the National Payments Corporation of India.
Always remember that you never need to enter your UPI PIN to receive money into your account. The PIN is only for sending money.
Never share your PIN or OTP by clicking on any unknown messages, lottery or cashback offers, or tempting links.
Always use a strong password or biometric lock on your financial apps.