Digital payments like UPI (Unified Payments Interface) and e-wallets have revolutionized transactions in India, but they also attract scammers through phishing, fake apps, and social engineering.
By following proven best practices, you can significantly reduce risks. Below, I’ll outline key prevention tips, drawn from official and expert sources. These apply broadly but are tailored where relevant to UPI (e.g., PIN-based) or e-wallets (e.g., app-linked balances).
General Tips for Both UPI and E-Wallets
• Never share sensitive information: Treat your UPI PIN, OTP (one-time password), CVV, or login credentials like your ATM PIN—never disclose them to anyone, even if they claim to be from your bank or app support. Scammers often call pretending to be officials to extract this. For e-wallets, avoid sharing wallet PINs or recovery details.
• Download only official apps: Stick to apps from trusted sources like Google Play or App Store. Avoid third-party links or APK files that could install malware. For UPI, use apps certified by NPCI (e.g., Google Pay, PhonePe); for e-wallets, verify RBI licensing.
• Enable multi-factor authentication (2FA) and strong device security: Use biometric locks (fingerprint/face ID), strong passcodes on your phone, and enable 2FA on apps. Keep your OS and apps updated to patch vulnerabilities.
• Monitor transactions regularly: Check your bank statements, UPI history, or e-wallet balance daily via the app or SMS alerts. Enable instant notifications for all transactions to spot unauthorized activity early.
• Set transaction limits: In your UPI or e-wallet settings, cap daily/monthly limits (e.g., ₹1 lakh for UPI) to minimize losses if compromised.
• Avoid suspicious links and phishing: Don’t click unsolicited SMS/email links promising rewards or urgent action. Verify URLs manually. For e-wallets, complete payments within the official platform—never redirect to external sites.
UPI-Specific Tips
• Verify beneficiary details before paying: Always double-check the recipient’s name, amount, and VPA (virtual payment address) on the confirmation screen. Mismatch? Cancel immediately.
• Change your UPI PIN periodically: Set a strong PIN (not based on birthdates) and update it every 3-6 months via your app.
• Be cautious with QR codes and collect requests: Scan only trusted merchant QRs for payments—don’t use them to “receive” money, as that’s a common scam. Reject unknown “collect” requests without verification.
• Don’t rush transactions: Scammers create urgency (e.g., “limited offer”). Take time to review every step.
E-Wallet-Specific Tips
• Link only verified accounts: Connect your e-wallet to a secure bank account and avoid overloading it with excess funds—transfer only what’s needed for immediate use.
• Watch for fake promotions: Ignore “free gift” or “refund” offers via SMS; legitimate e-wallets don’t ask for upfront payments or details.
• Secure your SIM: Fraudsters may use SIM swaps to hijack OTPs—inform your telecom provider of any suspicious activity and enable SIM lock.
What to Do If You Suspect Fraud
• Immediately block your UPI ID or e-wallet via the app/bank helpline.
• Report to your bank within 3 days for potential reimbursement (RBI mandates banks to resolve within 90 days).
• File a complaint on the National Cyber Crime Reporting Portal (cybercrime.gov.in) or call 1930 (cyber fraud helpline).
• For UPI, contact NPCI via their fraud awareness page.
Staying vigilant is key—fraudsters evolve, but these habits, backed by RBI and NPCI guidelines, keep most users safe. If you’re dealing with a specific app, check its help section for tailored advice.