The recent decision to increase the transaction limit on the Unified Payments Interface (UPI) to ₹5 lakh, specifically for hospitals and educational institutions, is a significant step toward enhancing UPI’s versatility and convenience for handling larger transactions. This adjustment is expected to bring benefits to both institutions and individuals.
However, despite the widespread popularity of UPI in India, with over 25 billion transactions processed in October 2023 alone, users need to exercise caution due to the increased susceptibility to scams. Several prevalent UPI scams should be on the radar:
1. **Phishing:** Fraudsters use deceptive emails, text messages, or website links resembling authentic UPI apps or banks to trick users into providing confidential details, leading to fund theft.
2. **QR Code frauds:** Scammers present counterfeit QR codes either at physical stores or online, and scanning these codes may result in unauthorized fund transfers.
3. **Vishing (voice phishing):** Scammers make phone calls, posing as representatives from banks or UPI applications, to deceive users into disclosing sensitive information.
4. **Social engineering:** Fraudsters use various tactics, such as inducing urgency or presenting fake prizes, to manipulate users into making UPI payments.
To safeguard against these risks, UPI service users should adopt responsible practices:
1. **Secure your phone:** Keep your phone locked when not in use and avoid using easily guessable PINs. Employ complex passwords, activate multi-factor authentication (MFA), and update your phone’s software regularly.
2. **Do not share PIN or password:** Refrain from sharing your UPI PIN or mobile password with anyone, and ensure diversity in passwords across accounts.
3. **Download genuine apps:** Only download UPI and banking applications from legitimate sources to avoid falling victim to counterfeit apps that may compromise sensitive information.
4. **Authenticate UPI ID:** Verify the accuracy of UPI IDs before initiating transactions to prevent typos and potential scams.
5. **Exercise caution in public places:** Be vigilant when using UPI apps in crowded areas and avoid public Wi-Fi for financial transactions to minimize the risk of scams.
6. **Be cautious with screen-sharing apps:** Use screen-sharing apps responsibly, limiting their usage to situations where they genuinely enhance communication. Remove unused apps promptly and review permissions carefully.
7. **Limit the number of UPI apps:** Avoid loading your phone with too many UPI apps to minimize vulnerability and streamline security monitoring.
While UPI offers convenience, staying vigilant and implementing preventive measures is crucial to mitigate the risk of falling victim to scams. Each proactive step contributes to a robust defense against fraudulent activities.
