Here are some steps you may do to protect yourself from online transaction fraud.
Many things have become easier in this digital age, where everything is connected to the internet. However, it has paved the way for a slew of new internet scams, ranging from online transaction fraud to phony websites.
In the wake of rising Unified Payment Interface (UPI) payments, UPI fraud has become a widespread issue. However, by being cautious when making any online UPI payment, one can protect themselves from fraudsters. Here are some steps you may do to protect yourself from online transaction fraud.
1] Be wary of con artists: Never discuss your UPI or Pin with anyone claiming to represent a government agency, a bank, or a well-known corporation. Examine the sender’s or caller’s details; if someone asks for your PIN, the caller is most likely a fraudster.
2] Mobile/computer access: Never give customer care agents access to your mobile/computer control, even if they claim to be upgrading important settings or updating your KYC in your bank/app account.
3] Don’t perform test transactions on random websites: Don’t conduct test transactions on any random website that asks you to claim prizes, cash-back, or money. Once they have your PIN, fraudsters can simply withdraw money from your account. Always check the name of the account owner before making any transactions to confirm that the UPI is linked to the correct account owner.
4] Change your UPI pin frequently: If possible, change your UPI pin on a regular basis; otherwise, a quarterly UPI PIN reset is a good idea to keep your account safe.
5] Set a UPI payment limit: A UPI payment limit can be set for everyday activities via UPI payments. Users will be able to provide better protection as a result of this.