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How to secure yourself while making Digital Payments?

Digital Payments have seen a surge since the demonetisation took place in 2016. In September 2019, it was reported that the total UPI transactions made till date stood at 91.83 crore. With growing popularity among people and easy to use interface, Digital Payments will soon takeover the traditional way of making payments(via cheques, cash, etc.). After completing 1000+ transactions on UPI method, here are a few measures I recommend people to follow to avoid any circumstances that could bring financial loss to the user.

Here, I will be talking about measures to be taken while using UPI method of payments.
These measures must be followed while using UPI on mobiles.

#1 Stick to 1 or 2 UPI apps for making Payments.
I use only two apps while making UPI payments (Paytm and Google Pay). This is because at times, there might be an error while making payments, so it’s better to use an alternative. However, there are plenty other apps that provide UPI platform, but at the end, they are not used at all. Another reason for using 1 or 2 UPI app is that, once you start using it regularly, you are used to its interface, which makes you avoid making any error during payments.

#2 Don’t fall for messages/calls providing help with KYC or asking money.
We often see that there are many cases, where a guy calls a person, asking him to complete his KYC through calls. He is very casual and also sounds very convincing. However, there are two things: 1)KYC are not completed on call; 2) While completing the KYC, you must submit your documents only when the company has asked you officially (through mail or within app) and that too, you must do it in person for banking verification. Also, never click any links that appear on your SMS and neither download any app that was told to you through calls. These apps straightaway mirror your devices or send all your details to the fraudulent.

#3 Set two different app locks for additional security.
When you sign up for UPI method of payment, you have to set a 4 or 6 digit pin so that whenever you make a UPI transaction, you will confirm your transaction by entering the pin. However, you must use additional password/pin and lock your UPI payment app so that unless the pin is entered, the app cant be opened. Both of my UPI apps, have app lock within themselves.

#4 Recheck the QR Barcode/Number of the beneficiary/receiver.
While paying to someone, you are advised to recheck the QR code and number twice before making payment. Once, you have entered the number, the reciever’s name will be displayed. But at times, you miss out the minute details that might cost you later. So you must recheck the details before completing the transactions.

#5 Don’t fall for Fake Websites or NGOs
We can often see that there are various websites that accept UPI as a mode of payment. But before continuing, please check the authenticity of the website. See, whether the website is not asking for more details it is required; the website must utilise secure sockets layer techonoly (SSL). For eg, there should be a https:// before the site’s name. Also, don’t randomly donate to NGOs of which you have not heard before. Check the history of NGO and other aspects by browsing about it on the internet.

So, these are a few measures you must follow while making payments through UPI.
Be Safe and Happy.

Thank You

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