The use of UPI has increased tremendously in the present times. People are using online payments for everything from small purchases to large purchases. There are many advantages of online payment. Along with these advantages there are also some disadvantages. Along with the increasing use of online payments, the incidence of fraud has also increased significantly. Considering all these for the safety of the users, Reserve Bank of India i.e. RBI has come up with a new UPI Safety guidelines have been issued. RBI has laid down 5 important rules, following these rules will keep your bank account and digital payments 100 percent secure. So let’s know about these new rules of RBI.
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Phishing links and fake QR codes are the oldest forms of UPI fraud, RBI has said in its new UPI security guidelines. Sometimes scammers send users a link or QR code in the name of refund or cashback. As soon as users click on this link or scan the QR code, users’ bank details are stolen. (Photo Courtesy – Pinterest)
Scammers pretend to be bank officials or agents of payment apps and demand UPI PIN or OTP from users. But RBI has clearly stated that no legal entity ever asks user to share OTP, PIN or password.
RBI has said that fake UPI apps and websites have proliferated. These UPI apps and websites look very authentic. Clicking on such fake UPI apps and websites exposes your information to hackers. So check the developer name while downloading any app.
RBI has said in the UPI Security Guidelines that before making any payment to any person, check their name, mobile number or UPI ID carefully. Many scammers create an account with a fake name, which looks like a big brand name. In such cases, while paying, also check the name of the person you are sending the money to.
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If you are a victim of UPI fraud then report it first without any delay. RBI has said that within 24 hours, register the complaint of the user. For this you can immediately contact your bank’s customer service. In such cases, you can call 1930 (National Cyber Helpline) or file a complaint online at cybercrime.gov.in.
What is UPI?
UPI (Unified Payments Interface) is a digital payment system, which facilitates instant transfer of money between bank accounts.
UWhat is required to use PI?
You need to have a smartphone, internet connection, bank account and mobile number linked to the bank.
Which apps support UPI?
Phonepay, Google Pay, Paytm, Amazon Pay, BHIM, Cred and many other apps offer UPI services.
What is UPI PIN?
The UPI PIN is a 4 or 6 digit secret code, which is required to confirm the payment during every transfer.
