If you pay with UPI, then know about the work, you will not be a victim of fraud on the phone

Prime Minister Narendra Modi's Digital India campaign is paying off. Actually, the news is that the digital transactions with the help of UPI have increased by 11.6 percent on a monthly basis to Rs 5.47 lakh crore in June this year. According to the data released by NCPI on Thursday, Rs 4.91 lakh crore was transacted through Unified Payments Interface (UPI) in May 2021.

In terms of numbers, there were about 2.80 billion (280 crore) transactions in June 2021, while the number was 2.53 billion (253 crore) in May. The National Payments Corporation of India (NPCI) is a holistic organization for the functioning of retail payment and settlement systems in the country. It is an initiative of Reserve Bank and Indian Banks Association (IBA) which aims to build a robust payment and settlement framework in India.

What is UPI Payment

Npci's Unified Payments Interface (UPI) facilitates financial transactions by connecting multiple bank accounts to a single mobile application.

How to Avoid Fraud

Cybercrimes are increasing during the time of covid 19. If someone asks you for OTP, UPI PIN, card details, then do not share it with anyone. If shared, the bank account will be empty.

How is cheating

When a customer shares his banking information with a cyber fraudster, the fraudster creates his virtual payment address and can link the bank account with UPI through that. With this, he can easily withdraw money from bank account or card. That's why RBI alerts customers.

What is VPA

VPA stands for Virtual Payment Address. It is like UPI ID. Only cyber thugs generate VPA. Through VPA, the fraudster sends the payment link to the customer. Now customers, without looking carefully at that link, click on it and make payment by entering their UPI PIN, then they become a victim of fraud.