Using Finserv MARKETS UPI app users can make SAFE digital payments. While keeping oneself safe from the coronavirus, one must be mindful of cybercriminals. These criminals are especially targeting users taking the UPI route to conduct financial transactions.
Fraudsters take advantage of the ‘request money’ option on UPI apps, Fraudsters can send you unauthorized payment collect request via SMS or collect push notification. If in a hurry you click on that payment collect request, it will direct you to the UPI payment app installed on your phone and will ask you to enter UPI MPIN for debit to your Bank account.
Do not click on links in any SMS, especially those sent from unknown numbers. It could be an attempt to skim money from your account via UPI app.
Its always a good habit to check the VPA and the Name of the Beneficiary before you approve the transactions using UPI MPIN.
Beware of the fake UPI IDs that are making the rounds in the guise of Prime Minister’s Citizen Assistance & Relief in Emergency Situations a.k.a. PM Cares.
Measures to Avoid frauds.
To avoid such frauds.
- Avoid fake helpline numbers on social media.
- Avoid using Free mobile screen sharing mobile Apps.
- Never share details such as debit card number, expiry date, registration OTPs on the call or other media.
- Avoid clicking on unknown links or forwarding any suspicious SMS
- Never share your UPI MPIN with anyone.
Finserv MARKETS will never call for asking details related to Account Expiry, OTP etc.
Finserv MARKETS app have implemented all the security Guidelines suggested by NPCI.
How safe UPI Payments are ?
It looks very convenient from User interface or front end to pay via UPI ID or Mobile number without sharing any account details with your friend or Payer but there is always fear while fetching your account details, bank balance or UPI Pin on any third-party non-banking application.
Is it safe to pay via any app? Yes, you should use only NPCI / RBI approved payment service provider app only. (This list can be checked on NPCI website).
NPCI, the UPI regulating body has taken all measures into consideration while any involvement of third party / foreign entity into payment system.
No actual account number flowing to third party application and only hashed value getting passed to avoid account number access.
There will be always two factor authentications. i.e. first one is User’s device and second UPI PIN.
UPI Pin will be entered on NPCI common library which doesn’t have direct access to third party app and only encrypted details of pin can be passed via systems.
Now, the fraud can be happened only if user shares above two authentications with fraudster by any means. E.g. SIM Spoofing or Debit card and OTP details sharing or direct UPI pin sharing etc.
NPCI added few more blocks to even restrict such type of frauds by various checks while device binding with PSP. iOS 6s and below devices and OS 13.4 & below device will be blocked for UPI usage in few days. User should complete device registration within 30 sec time of SMS initiation to avoid SMS data sharing to fraudster by any chance.
NPCI suggests that users should pay attention to messages from their bank. Know the difference between a password, PIN and an OTP and carefully examine the message to stay protected. Also, keep a note of all the messages from the bank to make sure you’re aware of all the transactions to and from your account.
So, use any UPI App of choice to avail different payment services like easy money transfer pay utility bills such as electricity, mobile phones, broadband, etc. buy and renew insurance policies, make donations to relief funds, recharge mobile phones, DTH connection and metro cards, book movie tickets, bus and train tickets, etc. Payment of bills at restaurants, kirana stores and other physical stores can also be done with UPI.