UPI payment fraud: Here are safety measures to protect your money

Unified Payments Interface (UPI) transactions have have surged four-fold in recent years in terms of volume and value. In terms of value, they rose from Rs 2.1-lakh crore in March 2020 to Rs 9.6-lakh crore this March. At the same time, the boom has also led to a rise in the number of online frauds.

Here’s what you can do to protect yourself from UPI fraud:

UPI Pin: Never share your UPI Pin with any unknown person. Note that the Pin is not needed for receiving money in your UPI account.

Also, change your UPI Pin at regular intervals.

Websites: Do not conduct any transactions with suspicious websites or apps that claim to offer incentives or cashback. Also, avoid downloading third-party or unofficial apps on your mobile phone.