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UPI Security Shield: How to Stay Safe with UPI Payments

Unified Payment Interface (UPI) has revolutionised the digital payment system in India. According to National Payments Corporation India (NPCI), over 7.8 billion transactions have been done through UPI in the last six years. Today, UPI has become an important part of our daily transactions, whether it's transferring money to friends and family or paying merchants and utility bills.UPI is fast becoming one of the most popular payment methods in India.

What makes UPI payment options popular with the public?

You can transfer money instantly anytime, day or night.

Your UPI ID acts as an encrypted co-ordinate for your money, making it more secure compared to bank account information.

UPI's dual security mechanism - mobile device PIN and UPI PIN - makes transactions more secure.

While UPI is a secure payment method, the security threats surrounding it are evolving as technology advances. To prevent funds from falling into the wrong hands, the Reserve Bank of India (RBI) discusses new forms of fraud and how we can guard against them. To this end, NPCI has launched an awareness campaign called UPI Security Shield, which aims to secure digital transactions in India.

What is the UPI Safety Shield?

NPCI has launched the UPI Security Shield to educate consumers on how to use UPI safely.Here are five security tips to help you protect money and personal information from fraud and unauthorised access.

1. Always verify the other party's UPI ID before making a payment

A UPI ID is a unique identifier that can be shared with anyone to receive funds. Whenever you make a payment to someone through UPI, be sure to verify the person's UPI ID before making the payment.This ensures that you are only sending funds to the intended person.

2. Enter the UPI PIN on the UPI PIN page only.

UPI ID and UPI PIN are two different concepts. Your UPI PIN is the most important security measure to protect your transactions. Never share your UPI PIN or OTP with anyone and make sure you only enter your UPI PIN on the UPI PIN page.

3. Enter PIN to debit

Always remember that you are not required to enter a UPI PIN/password or scan a QR code to receive funds. If you are asked to do so, this is a red flag and you should cancel the transaction immediately.

4. Always check for SMS alerts after a transaction

After each transaction, you will receive a text message from the Bank confirming the debit or credit of the amount in your account. You should always verify the amount and inform the bank if the amount is correct.

5. Reliance on the help section within the UPI application

If you encounter any issues related to trading, you can use the help section within the UPI app.NPCI has trained experts who are on call 24/7 to help you with UPI trading related issues.

Stay alert and stay safe.

UPI Security Shield is a key initiative by NPCI to ensure a safe and convenient payment experience for its users.RBI says that taking these simple steps can help you stay away from fraud.