UPI Payment Fraud Alert: Pay with UPI so be careful! Follow these tips to avoid UPI fraud

UPI Fraud Alert: Along with being convenient, many frauds related to UPI have started coming to the fore in the last few years. In such a situation, you can avoid fraud by adopting some tips.

New Delhi. The trend of digital payment is increasing in India. Unified Payment Interface (UPI) has emerged as the most used digital payment mode in recent years. The facility of UPI allows you to easily transfer money sitting at home. Along with being convenient, many frauds related to UPI have started coming to the fore in the last few years. However, you can avoid UPI fraud by following the tips given below.

In these ways you can avoid fraud on UPI-

>> Beware of unknown mobile numbers and users.
>> Never enter UPI PIN to receive money via UPI.
>> Do not accept unknown payment requests.
>> Beware of Fake UPI App.
>> Never share your 4 or 6 digit UPI PIN with strangers.

What is UPI

Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works

Using this facility is quite easy. For this, you will have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app. The special thing is that UPI allows you to transfer money even if you have only one information such as scanner, mobile number, UPI ID. In order to bring thousands of feature phone users to the digital payment system, the Reserve Bank of India (RBI) has recently introduced a new version of UPI, UPI 123Pay.

UPI transaction record broken in April, 5.58 billion transactions by people

UPI transactions have set a new record in the country. In April 2022, 5.58 billion transactions have taken place through UPI, with a total value of Rs 9.83 lakh crore. At the same time, in the month of April last year, 264 crore UPI transactions were done through UPI, with a total value of Rs 4.93 lakh crore.

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