UPI merchants: THESE steps can help you avoid UPI-related scams
With the rise of the internet and UPI, related scams are also increasing in India. UPI merchants can take the following steps to protect themselves and safeguard their hard-earned money.
UPI has become immensely popular in India, with transaction numbers rising each year. Nowadays, nearly every merchant provides their customers with the option to pay using UPI. However, as digital engagement grows in India and more people shift their activities online, incidents of digital fraud are also on the rise. UPI merchants are not immune to these threats, and reports have surfaced of various merchants being defrauded of lakhs of rupees.
There are several types of UPI scams. Some fraudulent apps mimic real UPI transaction interfaces, displaying details like bank account numbers, timestamps, UTR numbers, and more, but they don’t actually process any transactions, effectively scamming unsuspecting merchants. In some cases, scammers trick UPI users into activating autopay features on their accounts. Additionally, there have been instances where scammers replace a merchant's QR code with their own to divert funds.
Fortunately, there are some straightforward steps you can take to avoid falling victim to UPI-related scams and safeguard your hard-earned money.
- Check every transaction: Many merchants don’t closely monitor their UPI accounts and may mistakenly trust their customers blindly. It’s essential for merchants to review each transaction on their UPI app to prevent falling victim to any scams. If you prefer not to manually verify each transaction, consider investing in a UPI soundbox.
- Review your bank statement daily: UPI merchants should make it a habit to check their bank accounts every day. This way, they can quickly spot any unauthorised transactions.
- Avoid placing UPI QR codes in open spaces: Displaying UPI QR codes in public areas can leave them vulnerable to tampering by unscrupulous individuals. Instead, keep them in a visible location where you can easily monitor them.
- Limit the number of UPI accounts: Managing multiple UPI accounts can complicate transaction tracking and increase the risk of fraud. It’s better to simplify and have only a few accounts to keep everything organised.
ALSO READ: Sharing THESE things on WhatsApp can land you in serious legal trouble