UPI transaction keep these things in mind to avoid fraud

UPI transaction: Strong boom in June, but keep these things in mind to avoid fraud

UPI transactions June 2021

NPCI's Unified Payments Interface facilitates financial transactions by connecting multiple bank accounts to a single mobile application.

During the Corona period, the Government of India and the Reserve Bank of India (RBI) are promoting digital transactions in the country. People in India make a lot of use of Unified Payments Interface (UPI) for digital transactions. UPI-enabled digital transactions grew by 11.6 per cent on a monthly basis to Rs 5.47 lakh crore in June this year. In May 2021, Rs 4.91 lakh crore was transacted through the Unified Payments Interface (UPI). In terms of numbers, there were about 2.80 billion (280 crore) transactions in June 2021, which is a record till date. In May, this number was 2.53 billion (253 crore).

The National Payments Corporation of India (NPCI) is a comprehensive organization for the functioning of retail payment and settlement systems in the country. It is an initiative of Reserve Bank and Indian Banks Association (IBA) which aims to build a robust payment and settlement framework in India. NPCI's Unified Payments Interface facilitates financial transactions by connecting multiple bank accounts to a single mobile application.

What is UPI?

UPI transactions June 2021

UPI i.e. Unified Payments Interface is an interbank fund transfer facility, through which payments can be made on the smartphone with the help of phone number and virtual ID. It is based on the mechanism of internet bank fund transfer. This system is controlled by NPCI. Users transfer money from UPI with payment in a few minutes sitting at home.

How secured is UPI?

But the question is, how secure is UPI after all? Digital transactions are not only profitable for the customers but also there is a danger for them. With the advancement of technology in the country, online fraud is increasing rapidly. Hackers are using new methods every day to cheat the common people. Incidents of cybercrime are coming to the fore every day, in which lakhs of rupees are siphoned off from people's accounts. That's why we are going to tell you some important things for safe transactions, through which you can avoid being a victim of fraud.

Use UPI PIN only on secure applications Harmful applications can access

your personal information through your phone. It also includes payment related information. You should avoid such applications. Keep your UPI PIN handy as it can lead to fraud. For caution, use UPI PIN only on secure applications like BHIM UPI. Avoid if any website or form has a link to enter the UPI PIN. 

Enter UPI PIN only for sending money

One thing to keep in mind while transacting is that you will be asked to enter UPI PIN only when you want to send money. If you are getting money from somewhere and for that you are being asked for UPI PIN, then know that it could be a fraud.

Just contact customer service like this 

If you have any problem with the transaction and need to contact customer service, then only use the payment application. Do not call any phone number given on the Internet that is not verified.

Do not tell anyone UPI PIN

Your UPI PIN is the same as your ATM PIN. So don't share it with anyone. By doing so, fraudsters can cheat you by using it wrongly.

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