The Unified Payments Interface, or UPI, is a fast and efficient payment platform that enables you access bank accounts and make payments by transfer money across the country in minutes. There are several factors which consumers should take into account in order to prevent fraudulent UPI payments which has gone up 13 astonishing times since 2016.
What is UPI?
UPI stands for Unified Payments Interface which is a seamless mobile payments and digital payment platform, recently come out of global trials and has been installed on most new bank accounts. UPI is safe and creates security with the use of NFC payments that don’t require the card holder to enter as many passwords. This platform is also used for other types of funds such as transfers from government accounts, opening bank accounts, etc.
UPI or Unified Payments Interface is an automated platform for instant fund transfer. UPI received a lot of attention due to the fact that it can provide seamless, quick and secure cross-border transactions in seconds.
Why is it important to UPI payments
UPI Payments are a recent growth in technology, but they have also been marked by various security concerns globally. There is no singular reason as to why UPI payments can be falling prey to different scams, but some of the main factors that contribute to this are simple security features such as contact number validation and financial reporting. These features allow for the prevention of unauthorized withdrawals before fraudulent transactions can enter the system.
How can you protect yourself from UPI payment fraud
Be wary of asking the user type in their UPI account number. Forcing this information is against the rules, and even if you only ask for a first name, you run the risk of fraud. UPI transactions contain significant security features that eliminates telltale signs of fraud such as repeated failed transactions, pending transactions, or transfer requests which might be made to change amounts before finalizing the transaction.
There are many ways to protect yourself from payment fraud, and there’s no need for you to worry about it happening, but if you are not prepared now, then you should. People have items that they keep in their hopes of a quick sale and it can be quite common for them to try to sell the item through the UPI platform. If the item does not sell for three days or more than four unsuccessful attempts, then your account is most likely going to be compromised like most other accounts.
A detailed step-by-step UPI payment fraud prevention guide
Electronically stealing a card number and PIN online is no longer enough to beat an authorized user’s card protection. Make sure you’re better than cybercriminals at… UPI is so easy to use, but it’s still possible for hackers and thieves to steal your money. They would steal your data, which they can sell and make a profit over while leaving you absolutely penniless. The easiest thing you can do is to enable two-factor authentication and trusted devices on your account so that no one else can hack into your payments. Take advantage of the verified number offered by BHIM now that UPI is in India as well!
Developer Tools/ Additional Apps and Signals
With UPI’s huge popularity and exponential growth, the industry is currently developing protection to fight against fraud that emerged since inception. As billions of rides for companies use a platform, numerous app developers have been working tirelessly to develop safety measures in line with some simple guidelines set by UPI standards.