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UPI Fraud And Digital Payment Safety: India has now become the biggest hub of digital payments. With time, UPI has made people’s lives very easy. In such a situation, people now do things like paying electricity bills, online shopping or sending money to someone immediately from home. But as rapidly as the use of UPI has increased, cases of cyber fraud are also coming to light. People generally use popular UPI apps like Google Pay, PhonePe and Paytm and fraudsters also use them to make fake payment requests and commit online fraud, but to overcome this problem, a small security setting in your smartphone can save you from huge losses.

How does UPI fraud happen?

UPI fraud cases are increasing day by day, hence instead of directly hacking bank accounts, cyber thugs are adopting the method of misleading people and withdrawing money. In which many times Collect Request is sent to the users and people consider it as a message to receive money. It has been seen that as soon as this request is accepted, money is deducted from their account and this small mistake is causing huge financial loss to thousands of people. In such a situation, it is advisable to thoroughly investigate any request before accepting it.

These important security settings are hidden in UPI app

Regarding the security of UPI, experts say that there are many security features in UPI apps which can reduce the risk of online fraud, but due to less knowledge about them, people are not able to turn them on. In such a situation, it is advisable to follow some steps.

• First of all activate Biometric Lock or App Lock in your app. With this, no other person will be able to do the transaction without your permission.
• Never turn off Payment Request notifications. With this, information is immediately available when a fake request is received.

These 4 steps can save your hard earned money

To keep your money safe, all you have to do is carefully check the name and UPI ID of the person before sending money or accepting any request. If there is an option to set Daily Transaction Limit in the app, then keep it more or less as per your need. In this way the possibility of huge loss in case of fraud will be reduced. Not only this, cyber security experts also recommend reviewing these settings from time to time.

Be cautious of QR Code and Reward Scam

It is also advised that scammers send QR Codes or links luring fake cashback, refund and rewards. After seeing these, many people hastily scan them and money is deducted from their account. In such a situation, NPCI has issued a warning that do not accept payment request from any unknown person and do not share your UPI PIN with anyone, even if the person calls himself a bank officer.