Alert! SBI warns customers against UPI fraud; Suggests these six TIPS while doing UPI payments

UPI transactions have rose astronomically in the last few years. This also unravels the problem of UPI fraud with scammers trying to make customers fall into the trap. To protect citizens against these scams, SBI has shared six TIPS to follow while making UPI transactions.

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New Delhi:  Nowadays, scammers find different and creative ways to scam people and siphon off the money from their accounts. In 2021-22 alone, there were 13,951 cases of fraud, involving an amount of Rs 76.49 crore with extent of loss placed at Rs 25.77 crore. The problem is getting exacerbated with the growing usage of UPI.

According to the data released by the National Payments Corporation of India (NPCI), UPI transactions rose astronomically to Rs 10.7 trillion in August.

As UPI has become a major tool for transactions, the largest bank of India, State Bank of India (SBI) has shared some UPI security Tips to make UPI transaction safer and secure. While sharing the video, SBI said, "Always remember these UPI security Tips while using or making UPI transactions. Stay Alert & #SafeWithSBI."

Always remember these UPI security Tips while using or making UPI transactions. Stay Alert & #SafeWithSBI. #SBI #AmritMahotsav #CyberSafety #CyberSecurity #StayVigilant #StaySafe pic.twitter.com/LMR9E9nJnG

— State Bank of India (@TheOfficialSBI) September 27, 2022

SBI shared these six tips for making UPI transactions safer:-

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. Donot share Your UPI Pin with anyone.
5. Always verify the beneficiary details while making payement through QR quote.
6. Change your UPI pin regulary.

Earlier, SBI warned users against the malware SOVA. It tweeted, “Don't let malware steal your valuable assets. Always download the trusted apps from reliable sources only. Stay Alert and #SafeWithSBI”

Don't let malware steal your valuable assets. Always download the trusted apps from reliable sources only. Stay Alert and #SafeWithSBI#SBI #AmritMahotsav #CyberSafety #CyberSecurity #StayVigilant #StaySafe pic.twitter.com/NwAfUle36V

— State Bank of India (@TheOfficialSBI) September 22, 2022

It shared the info graphic which mentioned that SOVA is a new malware that steals your valuable assets. It is an android banking Trojan malware that targets banking apps to steal personal information. This malware captures the credentials when users log into their net-banking apps and access bank accounts. Once installed, it is impossible to uninstall.

It suggested to download only verified apps from Google play store, use a trusted anti-virus, don’t download apps by clicking on links, verify app permissions & grant only necessary permissions, and at last don’t visit untrusted websites.