UPI – Unified Payments interface, now is a must every smartphone. Why?  Because they are making our lives easy. The financial transactions are made easy with these apps. But recently people are being scammed using the “Request Pay” function of the app.  According to the Livemint reports the UPI-based payment apps and classifieds portals are seeing rising frauds. Fraudsters often misuse UPI’s “request money” feature to prompt the victim to enter the PIN, which authorises a transaction.

These cheaters are posing as online buyers and approaching people who post items to sell on online portals such as OLX etc. They negotiate the price and convince the victim that they would like to buy the item. And in the pretence of sending the advance or partial payment through UPI, they themselves “Request Payment” instead of paying. As they smoothly divert the victim into a conversation and lead them to accept and enter the PIN. By the time the victim realises what happened the money is gone. Such cases are being reported very often these days.

Like every technology we need to be careful of this.

1. The user should be aware of the Apps authenticity from the get go itself and not to fall prey to imitation APPs.

2. While installing Apps check the reviews, App development company profile and number of downloads etc. to deduce the authenticity.

3. Don’t do the transactions on UPI with out checking the identity of the other person.

4. Don’t enter PIN number with out thinking.

5. You don’t have to enter PIN when some one else is sending you the money

6. When you are supposed to receive the money you don’t have to share anything except for the phone number.

On the user interface front these APPs need to be more user friendly than now. There should be alerts and 2 – step verification process while doing transactions.  BE ALERT! BE SAFE!

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