Want to save your UPI account from scams? Follow these 6 tips by SBI

The increasing use of UPI apps has also increased the scope for fraud. The SBI has shared some simple tips that can keep your UPI account secure

FP Trending September 28, 2022 12:56:18 IST
Want to save your UPI account from scams? Follow these 6 tips by SBI

Representational image. PTI

The State Bank of India has cautioned people to be careful while doing United Payments Interface (UPI) transactions. The public lender took to its social media handles recently to put out a number of tips people can follow while making UPI payments. These simple tips can help your account from falling prey to scammers. There have been several cases of online fraud reported in the past few days wherein people have been cheated of their money. To prevent more such cases from occurring, the SBI has shared a video with some basic UPI security tips everyone can follow. The clip was shared with the caption, “Always remember these UPI security Tips while using or making UPI transactions.”

A total of Rs 10.62 lakh crore changed hands through 6.28 billion UPI transactions in July this year, as per finance minister Nirmala Sitharaman.

However, the increasing use of these apps has also increased the scope for fraud. The SBI has shared some simple tips that can keep your UPI account secure.

Watch the video here:


Here are the security tips suggested by the SBI:

1- You do not need to enter any UPI PIN if you are receiving money: If you get any message asking for your PIN, do not respond and report it to the authorities.
2- Always verify the identity of the recipient before you make any payment: You need to ensure that you are sending money to any fake account.
3- Never accept unknown/random collect request.
4- Never reveal your UPI PIN to anyone.
5- Double check the receiver’s information if you are sending money through a QR code.
6- Remember to change your UPI PIN at regular intervals.

Since its launch in 2016, the system of UPI payments has been utilised increasingly by people in the country. The COVID-19 pandemic further accelerated the usage of UPI apps. UPI transactions first crossed the 1 billion mark in 2019.

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