How to protect yourself from UPI fraud? | RBI's big step to make digital payments safe.

 

How to protect yourself from UPI fraud? Shocking Figures of UPI Fraud. 

 

Nowadays it is the era of online payment, and the trend of UPI in online payment is increasing rapidly. Due to this, where the payment is done easily, on the other hand, it is also becoming a cause of trouble for many people. A slight mistake and the account is empty. We are saying this because shocking figures of UPI fraud have come to the fore.

 

How many people were cheated in a year and how this fraud happens, now we are going to tell you. In the last year, more than 1 lakh cases of UPI fraud have been reported. That means so many people have been defrauded of lakhs of crores. Such incidents are increasing rapidly. Fraudsters are carrying out fraud incidents in new and hi-tech ways.

 

These figures have been presented by the government. According to government data, around 1 lakh UPI fraud cases have been registered during the last year. In the data shared by the Ministry of Finance, it has come to light that more than 95 thousand people who have sent money through Paytm, Google Pay, PhonePe, and other such UPI apps have become victims of fraud.

 

Most of these incidents happened due to sharing of personal information. Hackers have devised such methods to clear accounts that have become difficult to trust. The new methods of fraudsters are completely beyond the understanding of the common man. 

Every day thousands of people get hit, and the situation is such that people are still unable to understand. How UPI Fraud is happening with them. Now we tell you, how cyber fraudsters get their hands on your money by scanning OTP, QR codes and other methods. 

One way is that a QR code will come to your phone and it will be said that you can win money by scanning it. When you scan it, UPI will ask for the PIN. A huge amount can be cleared from your account as soon as you enter the PIN. Another way is that you will get a call, in which fraudsters posing as the customer care of the bank will ask you to update the account. 

UPI PIN and other details will be asked for and your account may be empty by doing so. Apart from this, people are being duped by sending fake links and also through OTP. Your correct PIN and correct OTP are known from you and then your account is hacked.

 

The best way to avoid this is that you should not get greedy in any way. Think 10 times before taking the next step regarding any beneficial scheme or on which you have doubts. Do not share your personal information with anyone, even if he is saying that he is the customer care executive of your bank.

 

If someone is asking for OTP, password, or PIN, then you do not have to give it at all. By doing this, you can come into the grip of big fraud. Caution is very important in the era of digital transactions. The government, banks, and RBI also keep on continuously alerting people about such frauds. 

Banks always advised people, in case of any kind of online fraud inform the bank immediately. If this happens to you, you should immediately inform your bank about it. In serious cases, the police should also complain immediately. But if you are already alert then there will be no need to do this.

 

 
RBI's big step to make digital payments safe:

 

There have been many changes in the banking sector, and payment system with the changing times. In earlier times man used to keep a wallet. Whenever money was needed, he used to count the money from his wallet and spend it. But nowadays this wallet has become digital wallet. 

That is, whether you want to do online shopping, buy vegetables or transfer money to someone, your transaction is successful in the blink of an eye through UPI. But this technology also has another side. You will often hear that money has been withdrawn from someone's account or someone has emptied the account by asking for OTP. 

But now this will not happen. RBI has taken a big step to make digital payment safe. RBI has released a draft master direction on Digital Payment Safety Controls for Payment System Operators. This rule of RBI will apply to all non-bank payment system operators ie PSOS. For this, RBI has given time till June 30. That is, till June 30, the stakeholders can send their feedback to RBI. 

Now let's know what is there in this draft of RBI. Under this, the PSOS will have to ensure that the third-party unregulated companies it is working with, such as payment gateways, and vendors, follow these instructions. Apart from this, operators have to keep in mind that strict security testing of all their applications should be done by qualified agencies. 

A separate board-approved cyber Crisis Management Plan i.e. CCMP has to be prepared as an incident response mechanism, approved by the Board, will have to be prepared, in which any cybercrime should be immediately reported to the senior management personnel and regulatory supervisory.

 

Further, if there is a change in the registered mobile number or email ID associated with any payment medium, a cooling period of at least 12 hours shall be allowed for allowing transactions through online channels.

 

Let us tell you, the country's UPI system is so great that the world has become a fan of it. It is dominant in India, but you can get an idea of how successful UPI has been from the figures. According to the latest data released by NPCI, there have been a total of 941 crore transactions on UPI during May.

 

The total value of these digital transactions has been 14.3 lakh crore, which is 37%  more than a year ago. So it is natural that transactions are taking place on such a large scale, then there should be a matter of its safety as well. What do you have to say on this, and how did you like the information, tell by commenting on our site.