UPI (Unified Payments Interface) is a unique system of payment through which you can transfer money directly to the bank account, making it the most preferred means of transacting especially in these testing times. You can link your bank account to a mobile application and send money from one UPI app to any other UPI enabled app using just the UPI id/ mobile number or QR Code of the receiver.
Since your mobile acts as a virtual money wallet which can also be a soft target for financial frauds who wait for you to drop your guard and try to steal your money, it is important to be cautious and follow safety tips while using UPI Payment Apps facilitating financial transactions. There are many online UPI Payment Apps facilitating financial transactions and one such app is the Bajaj Finserv App which is not only safe but also easy to use. Making use of apps like Bajaj Finserv App can help in avoiding financial frauds to a great extent.
Below listed are 7 simple but important safety measures you should undertake while using UPI apps:
- Keeping UPI Access Secure:
Your UPI address, which could either be your phone number, your QR code for receiving payments, or your Virtual Payment Address (VPA, or yourname@yourbank) is the only thing related to your UPI that you should share. Do not not allow anyone to access your UPI account. You can set a strong phone screen lock password and also enable a payment PIN. While keying your pin details or unlocking your UPI app, make sure it is not visible to anyone. If you doubt that details are exposed, change your password and PIN details immediately. Apps like Bajaj Finserv app facilitates secure and hassle- free payment gateways
- Restricting Sharing Screen:
Do not give access of your UPI Apps to screen sharing and recording apps. Some unverified apps may cause data leaks and your confidential financial details like your passwords and OTPs could be compromised. You can go to the settings and disable blanket access for such screen-sharing apps or use secured and verified apps like Bajaj Finserv apps that does not access your sensitive details.
- Verifying the Registered Name on the UPI ID:
You must always verify the receiver, before initiating any transaction. The registered name of receiver pops up on your mobile screen after your UPI app scans the QR code or you manually add a number or VPA for payment. You can ensure the money is being sent to the right person by confirming the registered name before going ahead with the transaction. Since UPI transactions are non-reversible, you cannot get your money back if you send it to the wrong person.
- Staying Alert:
Often, hackers either send you a link or call you requesting you to download a third-party application for verification purposes. Never click on unverified links or entertain such calls. Always remember that banks never call you to ask for your PIN, OTP or any other confidential details.
- Always Prefer UPI ID Over Phone Number While Doing Remote Transactions:
While sending money remotely, ask for the receiver’s UPI ID or QR code for payments rather than phone numbers as there could be a possibility of you typing the number wrong. For precaution, you may send a small test amount, say Re. 1, to confirm the transaction with the receiver before sending the total amount.
- Try and Avoid Using Multiple UPI Apps:
Use apps like Bajaj Finserv which serves all your digital transactional needs like shopping for consumer durable goods, paying electricity bills, making payments, applying and repaying loans and much more. This will save mobile storage and also avoid hassle from using multiple UPI Apps.
- Always Keep UPI App Updated:
Upgrades include security updates which make your app safer and less prone to security breaches. So, you should install updates to your UPI app on a regular basis whenever such upgrades are available.
In order to safely carry out UPI payment transaction, diving into the above-mentioned points can save you from financial frauds and also help you in making full use of such UPI Apps. In case you have any issue regarding your payments/ transactions, flag it immediately on the UPI app through Help Centre. You can make your UPI experience safe and easier by using apps like Bajaj Finserv app.