India has experienced a significant move towards digital payments in recent years, with Unified Payments Interface (UPI) becoming a popular option among customers. UPI payments are a popular choice for transactions ranging from paying bills to buying groceries since they are quick, convenient, and reliable.
However, as with any digital transaction, UPI payments come with their own set of security risks. Cybercriminals are always on the lookout for ways to exploit vulnerabilities in UPI systems, making it crucial for users to adopt safety measures to secure their UPI transactions.
In this blog post, we’ll discuss UPI security in more detail and go over effective measures customers can take to improve the security of their UPI transactions.
Common Security Risks in UPI Payments
Due to its widespread use, UPI payments have become a top target for cybercriminals who are constantly looking for loopholes in the system to exploit.
Sensitive data, such as bank account numbers, phone numbers, and transaction histories, are extensively used in UPI payments.
The payment gateway of NTT DATA Payment Services provides a variety of UPI options that let businesses easily and securely collect payments into their bank accounts.
Users should be aware of the various security risks connected to UPI payments as a result. Here are some common ones to be aware of:
- Phishing scams: Phishing scams are one of the most frequent security issues with UPI payments. Criminals use the official UPI logos to develop phony websites and apps that accept payments.
These fraudulent websites and apps are made to steal users’ financial and personal information, including bank account information and passwords.
- Malware attacks: Malware attacks are another frequent security problem with UPI payments. Cybercriminals can obtain illegal access to users’ personal and financial information by using malware to compromise UPI payment apps and systems.
- Unsecured Wi-Fi networks: Cybercriminals can intercept data being carried over an unprotected network, giving them access to the personal and financial data of users.
- Sim swapping: By obtaining a user’s phone number and switching out their SIM card with a new one, SIM swapping presents a security concern. This method can be used to access UPI payment accounts connected to a user’s phone number.
- Misleading UPI handles: Several fraudsters construct misleading handles with names like NPCI, UPI, BHIM, etc. to trick people into revealing their account information through a fake UPI app, which then leads to fraud.
These are just a few of the common security risks associated with UPI payments. Users must be aware of these threats and take the appropriate security measures for their UPI transactions to be safe while making UPI payments.
In the next section, we’ll discuss actionable steps that users can take to enhance the security of their UPI payments.
What is UPI Safety Shield?
National Payments Corporation of India (NPCI) started a campaign to inform customers about secure UPI usage in order to raise awareness about UPI Safety Shield.
Mrs. Rao, who frequently appears on the NPCI YouTube channel, discusses UPI security and offers five steps that can help you guard your money and personal information against fraud and illegal access.
UPI Safety Shield: Safety Tips to Follow
Here are the 5 safety tips put forward by the NPCI in order to ensure safe UPI transactions:
Tip 1: Always verify the UPI ID of the person before making a payment
A UPI ID is a unique identifier that can be disclosed to anyone for receiving funds. When conducting a UPI transaction, it’s important to authenticate the recipient’s UPI ID beforehand to ensure that the money is sent only to the intended person.
Tip 2: Enter UPI PIN on the UPI PIN page only and never share it with anyone
The terms UPI ID and UPI PIN are very different from each other. The most important security step to protect your transactions is your UPI PIN. Never disclose your OTP or UPI PIN to anyone.
Don’t forget to enter your UPI PIN only on the UPI PIN page.
Tip 3: Entering UPI PIN means money getting deducted from your account. Scanning QR is for making payments, not for receiving money.
Remember, receiving money does not require you to enter your UPI PIN or password or to scan a QR code. If someone makes you do otherwise, then you must know that it’s a red flag and you shouldn’t be following their instructions.
Tip 4: Check SMS when money is deducted
Your bank will always send you an SMS after each transaction confirming the amount credited to or debited from your account. Always double-check the amount. In case of any errors, you need to notify your bank immediately.
Tip 5: Use the help section in the UPI app itself for transaction-related concerns
In case you encounter any problems related to transactions, you can access the help section directly within the UPI app. Trained professionals from NPCI are always available around the clock to offer their expertise and help you with any questions or issues regarding UPI transactions.
Make Safe & Secure Payments with NTT DATA Payment Services
NTT DATA Payment Services India strives to offer secure and hassle-free digital payment solutions across diverse industries and banking sectors worldwide. By adhering to PCI DSS 3.2V standards and implementing 256-bit encryption, our security system is impregnable.
With a wide range of over 100 payment options, our merchants can accept payments online, offline, and through contactless modes, anytime and anywhere.
If you are looking for a safe, convenient, and secure payment gateway to integrate into your business, NTT DATA Payment Services can help you make better and more informed decisions.
Conclusion
As digital payments continue to gain popularity, users need to be aware of the security risks associated with UPI payments. Users need to adopt security measures to protect their UPI transactions because cybercriminals are constantly seeking ways to exploit loopholes in UPI systems.
Fortunately, consumers can take several actions to increase the security of their UPI payments. Users can reduce their risk of being a victim of UPI fraud and scams by adhering to the security recommendations made by NPCI’s UPI Safety Shield.
