UPI Mandates: Safe.UPI Mandates with your awareness: Safest.UPI Mandates: Safe.
Have payments gotten safer with UPI & UPI mandates? It’s most likely you’ll say a loud resounding, “Yes!”. Your assumption is right. Does that mean you can trust every UPI mandate transaction and its process blindly? That would be certain, “No!”
While every UPI mandate process is regulated and 100% safe by process, you, as an end-user, need to ensure that you do your checks. After all, it’s your hard-earned income that is being sent out of your account to someone else’s account. It’s better to check against any potential loss, just in case. You wouldn’t want to let that happen to your money.
Here are some ways in which you can add to the already iron-clad security measures for your UPI mandate payments.
Trust notifications only from official numbers
Imagine this: You get a message saying your electricity bill has been paid. But you didn’t get any electricity bill this month! This is why it’s crucial to always verify the recipient before setting up a UPI mandate. Double-check the details of the recipient account to ensure there are no errors.
It’s easy to make mistakes when entering account details. A wrong entry could mean your payment goes to the wrong person. Always confirm the account number, IFSC code, and name of the recipient before proceeding. This simple step can save you from potential headaches and financial losses.
Two-factor authentication is your best friend
Think of strong authentication as a lock on your front door. You wouldn’t leave your door unlocked, right? Make sure you use two-factor authentication (2FA) for your UPI mandates. This adds an extra layer of security by requiring not just your UPI PIN but also a code sent to your registered mobile number.
Two-factor authentication ensures that even if someone gets hold of your UPI PIN, they still can’t authorize payments without the code sent to your phone. This significantly reduces the risk of unauthorized transactions. Always keep your authentication details secure and never share them with anyone.
Examine every single transaction
Keeping an eye on your transactions is like checking your bank statements. You wouldn’t ignore your bank statements, so don’t ignore your UPI transactions. Regularly monitoring your transactions helps you spot any unusual activity immediately.
Set up alerts on your phone for every transaction made through your UPI mandate. This way, you are instantly notified of any activity, and you can act quickly if something looks suspicious. Regular monitoring not only ensures the security of your money but also gives you peace of mind.
Only use the latest UPI apps
Think of your UPI app like your smartphone. Just as you update your phone to get the latest features and security patches, you should do the same with your UPI app. Developers constantly work to improve app security, and updates often include critical security enhancements.
Always make sure your UPI app is up-to-date. Turn on automatic updates if possible, so you don’t miss any important security improvements. An updated app is less likely to have vulnerabilities that could be exploited by hackers.
Never use public Wi-Fi to make payments
Public Wi-Fi networks are convenient, but they are also risky. Using public Wi-Fi to make UPI mandate transactions can expose your data to cybercriminals. Always use a secure, private network for any financial transactions.
If you must use public Wi-Fi, consider using a Virtual Private Network (VPN) to encrypt your data. A VPN creates a secure tunnel for your internet traffic, protecting your personal and financial information from prying eyes. However, the safest bet is to use your mobile data or a secure home network for all UPI transactions.
Conclusion
UPI mandates have undoubtedly made our lives easier by automating recurring payments. However, it’s essential to stay vigilant and follow best practices to ensure the safety of your transactions. By verifying recipients, using strong authentication, monitoring transactions, keeping your app updated, and avoiding public Wi-Fi, you can add an extra layer of security to your UPI mandate payments.
Remember, it’s your hard-earned money at stake. Taking a few simple precautions can prevent potential losses and give you peace of mind. By understanding and implementing these security measures, you can protect your financial information and ensure that your UPI mandate transactions are as safe as possible.