UPI Fraud: In a bid to control the rising incidents of fraud targeting online transactions conducted through the Unified Payments Interface (UPI), the central government is reportedly considering the implementation of a four-hour delay window for transactions exceeding Rs 2,000. Once the change is implemented, those making a transaction of more than Rs 2,000 to another user for the first time, will have to wait for 4 hours to receive the amount, as opposed to the current instant transaction process.
While the four-hour time limit for UPI payments may pose a challenge to the efficiency of digital transactions, the government, according to media reports, insists that it is a necessary step to address cybersecurity concerns. If implemented, this delay window will be specifically relevant to transactions conducted through UPIs, Real Time Gross Settlement (RTGS), and Immediate Payment Service.
Currently, when you create a new UPI account, you can send up to Rs 5,000 within a 24-hour timeframe. After activating your account, if you use NEFT, you have the freedom to transact a maximum amount of Rs 50,000 within a 24-hour period, whether you do it in one go or through multiple transactions.
How to avoid UPI fraud?
Avoiding UPI fraud requires a combination of vigilance, security practices, and awareness. Here are some tips to help you minimize the risk of UPI fraud:
Secure Your UPI PIN:
- Never share your UPI PIN with anyone, including friends or family.
- Avoid using easily guessable PINs like birthdays or simple sequences.
Use Secure Apps:
- Only download and use official UPI apps from reputable sources such as the Google Play Store or Apple App Store.
- Keep your UPI app updated to benefit from the latest security features.
Beware of Phishing:
- Be cautious of phishing attempts through emails, messages, or calls asking for your UPI details.
- Verify the authenticity of communication before responding or clicking on any links.
- Enable two-factor authentication whenever possible to add an extra layer of security to your UPI transactions.
Regularly Check Transactions:
- Monitor your UPI transaction history regularly to spot any unauthorized transactions.
- Report any suspicious activity to your bank immediately.