SBI has provided six TIPS to go by when making UPI transactions to protect citizens from these scams.
In the previous few years, UPI transactions have increased astronomically. This clarifies the issue of UPI fraud, where con artists try to trick victims into falling for their scams.
Scammers today use an ever-expanding variety of techniques to trick their victims out of their money. During the fiscal year 2021–2022, there were 13,951 instances of fraud with a total value of Rs 76.49 crore and an estimated loss of Rs 25.77 crore. Increasing reliance on UPI just serves to worsen the issue.
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In August, UPI transactions soared to Rs 10.7 trillion, according to data from the National Payments Corporation of India (NPCI).
The largest bank in India, the State Bank of India (SBI), has provided some UPI surveillance Tips to make UPI transactions safer and more secure now that UPI has become such a prominent platform for transactions. Upon releasing the clip, SBI stated, “Keep these safety suggestions in mind at all times when using or transacting with the UPI. Remember to keep your guard up and use #SafeWithSBI.”
Always remember these UPI security Tips while using or making UPI transactions. Stay Alert & #SafeWithSBI. #SBI #AmritMahotsav #CyberSafety #CyberSecurity #StayVigilant #StaySafe pic.twitter.com/LMR9E9nJnG
— State Bank of India (@TheOfficialSBI) September 27, 2022
Six suggestions for ensuring the security of UPI transactions were recently offered by SBI.
When receiving money, your UPI PIN is not required.
Before giving money, always make sure of the recipient’s identification.
Never agree to a collect request from an unknown source.
You should never tell anyone your UPI PIN.
Before submitting a QR quotation payment, make sure all of the recipient information is correct.
Alter your UPI passcode frequently.
SBI has earlier issued a warning about the SOVA virus. Don’t allow malware to take what’s yours!” it tweeted. To avoid malicious software, only download apps from reputable sites. Continue to Be Aware and Safe With SBI
An infographic warning about the new malware SOVA, which steals financial data, was published.
It is a Trojan horse programme that infiltrates Android systems and steals financial information via banking applications.
This malicious software steals user credentials used to log into online banking apps.
It is not feasible to uninstall it once it has been installed.
It was recommended that users stick to the Google Play Store for app downloads, employ a reliable antivirus programme, avoid downloading apps from external sources (like links), carefully review each app’s permission requests and grant only those that are truly necessary, and avoid accessing any websites that do not have a verified security certificate.
