6 tips to avoid UPI fraud

The National Payments Corporation of India (NPCI) created the Unified Payments Interface (UPI), an instant payment system. According to the NPCI, "UPI is built over the IMPS infrastructure and allows you to instantly transfer money between any two parties' bank accounts."

What is an UPI-PIN?
According to NPCI, UPI FAQ, "UPI-PIN (UPI Personal Identification Number) is a 4-6 digit pass code you create/set during first time registration with this App. You have to enter this UPI-PIN to authorize all bank transactions. If you have already set up an UPI-PIN with other UPI Apps you can use the same on BHIM. "


What happens if I enter wrong UPI-PIN during a transaction?
In case you enter the wrong UPI PIN , the transaction will fail. In case you input the wrong UPI PIN multiple times, bank may temporarily block sending money using UPI from my account (this varies from bank to bank)

According to the SBI official tweet, "Always remember these UPI security Tips while using or making UPI transactions." The bank shares 6 tips for safe UPI transactions.


1) You don't need to enter your UPI Pin while receiving money.
2) Always verify the identity of the person you are sending money to.
3) Do not accept random unknown collect request.
4) Do not share your UPI Pin with anyone.
5) Always verify the beneficiary details while making payment through QR code.
6) Change your UPI pin on a regularly.

Request money option
According to HDFC Bank UPI FAQ, "Request Money is used to request money from opposite party. Accepting a request money request means you are accepting the request to pay the opposite party. So if you put validate the request by putting your PIN, it will debit the money from your account."

RBI introduces UPI Lite
An NPCI press release states that the BHIM app now supports UPI Lite. Customers of eight banks can currently use UPI Lite using the BHIM app. According to NPCI, these banks are Punjab National Bank, State Bank of India, Union Bank of India, Utkarsh Small Finance Bank, Canara Bank, HDFC Bank, Indian Bank, Kotak Mahindra Bank, and Utkarsh Bank.