Avoid online payment fraud while using UPI, e-wallets

Most small businesses across every sector took a severe hit in 2020. But now, the new world is embracing e-commerce and online payment methods has become a major role in keeping such enterprises afloat. Digital payment transactions are up by 76 per cent in Jan-Feb-March (JFM) of 2021, as compared to JFM, 2020, according to a report by fintech firm Razorpay.

“The last 12 months have been like being inside a time capsule,” said Vedanarayan Vedantham, head of SME business, Razorpay. “India’s digital payments ecosystem in this timeframe has seen the kind of growth that might have happened over a 3-5 year horizon if not for the pandemic.”

With UPI payment, you just need to input your ID, which takes you to a payment request being sent to your UPI app. Since its launch, UPI payments have recorded a rise and has consistently on higher. Unified Payments Interface (UPI)-based payments hit another record high and since its launch four years ago, UPI payments have grown consistent.

UPI transaction have exceeded debit card transactions. According to Reserve Bank of India (RBI) annual report, the number of transactions via UPI was 1.2 times higher than the number of debit card transactions in 2018-19. Such transactions were 2.5 higher in 2019-20, as per the latest report released the central bank, indicating a shift in consumer preference.

While making online transactions, you need to beware and watch out for fraudsters who are trying all possible ways to get a hold of your hard-earned money. It has become a daily practice to make payments with online transactions. But we need to be aware of online fraud and to stay aware of fraudsters who are on a look out for possible ways to hijack your hard-earned money.

To prevent such unfortunate incidents and save you as well as your finances from online cheaters.

Stay safe while using UPI/wallet payment apps and follow these tips:

. Scan QR Code

If the person asks you to put your UPI PIN, stop there and do not make any Progress. Moreover, never scan any QR code sent by an unknown entity via payment apps or social media. this little mistake can cause you a great financial loss.

. Keep away from unidentified OLX buyer or seller

OLX is a good place to strike deals, but you need to be a little cautious while making any deal. Cheaters are always waiting to prey on innocent users in a variety of ways. While you make any deal on OLX make sure you, collect all details about the other party before you make any payment. Fraudsters try to show a sense of urgency in getting the deal done. Think before taking any decision.

. Monitor your bank balance & transactions

Keep a regular check on your bank account. With rising incidents where account holders do not check their bank balance on regular basis and are stunned to notice a scam of huge sum of money that goes missing from their account. It is advisable to keep a check ping a routine check helps in preventing such loss.

. Do not keep your bank details anywhere

While making an online payment, we are often asked to save our bank details for further reference, always click on the ‘never’ button.

. Avoid using multiple payment apps

It is threatening to operate and make transaction on multiple payment apps can always pose threat to your bank balance. You can keep transaction by 2-3 payment apps.

Digital payments have also recently hit record transactions. According to experts, the ongoing spread of Covid-19 has marked a rise the convenient and new ways of digital payments more than ever.

The COVID-19 pandemic is a major threat for the prosperity of the global economy and financial status of the markets. Both developed and developing countries have been negatively affected by the economic crisis. Despite an increase in payments made via online or mobile devices, consumers had not adopted digital payments. The COVID-19 pandemic has shifted more consumers toward digital payments, with industry and other initiatives that have broader access.

Digital Payments is the safest mode of payment to avoid any social contact. For effective running of your business, reach out to more customers and make their bill payment safe and easy with ePaisa Digital Payment solutions.

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