Thursday, June 20, 2024

When using UPI, be cautious! these things can give heavy losses

The use of UPI is greatly expanding in the current. Through UPI, people can effortlessly make payments. People don’t even need to keep cash on hand for this. People must always carry a few cards with them. Despite this, consumers should exercise extreme caution and keep two things in mind when using UPI to make payments.


Internet Theft

People are engaging in more online fraud as the internet becomes more widely available. Because of online fraud, scams can potentially result in financial loss. Online payments are increasingly preferred over traditional payments for fraud as cybercrime rises. Online fraud also entirely drains people’s bank accounts.


Database breaches, phishing scams, and identity theft

are all on the rise in popularity. However, a lot of money is also invested on secure software in order to avoid these attacks. Never give your UPI PIN with anyone in this case to prevent online fraud, and stay away from clicking on any strange links as well. On the recommendation of any stranger, never engage in any shady transactions.

UPIUsage of smartphones

The user must have access to both a smartphone and the Internet in order to perform a UPI transaction. Those without smartphones or internet connectivity may find this to be an issue. Additionally, if a consumer misplaces or misplaces their phone, they can have trouble accessing their UPI accounts and completing transactions.  In such a situation, dependence on smartphones also increases.

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