5 security tips for online payments that will save you money

Sometimes making payments online can cause you financial loss, if you are not careful. Therefore, in order to avoid such situations, here are 5 security tips for online payments that you should always follow.

Doing online transactions has now become one of the most preferable options for making payments. Now, instead of keeping cash, people make payments through several payment apps linked to Unified Payment Interface (UPI) such as Google Pay (GPay), Paytm, PhonePe, among others. You can simply make payments online by using the recipient’s contact number registered on the UPI app or by simply scanning the QR code. However, while making payments through these apps, you must know all the best UPI payment security tips and tricks and thus you can avoid loss of money. You also need to be vigilant and stay protected against online fraud or cyber fraud. Even a single click on the wrong link can land you in trouble by revealing all your crucial details to the scammer.

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The online payment process is very simple and easy. All you need is a smartphone with one of the online payment apps downloaded and a bank account linked to your mobile number. You will need to register on the app to start using it. If you are using any of the apps like Google Pay, PhonePe, Paytm, etc., there are some things you need to pay attention to to avoid fraud and loss of money. Here are some security tips to consider when making UPI payments

5 security tips to keep in mind when making UPI payments

Step 1:

Screen lock: It is very important to maintain a strong screen lock, password or PIN not only for your phone but also for any payment or financial transaction applications. This not only saves your phone from landing in the wrong hands, but also helps to prevent personal and crucial details from leaking out. However, you should avoid keeping simple passwords like your name, date of birth, mobile number, etc.

2nd step:

Do not share your PIN: You should never share your PIN with anyone. Sharing your PIN makes you vulnerable to fraud as anyone can access your phone and transfer the amount. If you think your PIN has been exposed, you should change it immediately.

Step 3:

Do not click on unverified links or attend fake calls: many fake messages containing links from some unverified ones keep appearing in your inbox. You must avoid clicking on such links as it can cause you huge financial loss. You should also avoid receiving fake calls. The caller pretends to be calling from your bank or other organization and may ask for your details such as PIN, OTP, etc. Hackers usually share links or make calls and ask users to download third-party app for verification. It can be noted that banks never ask for PIN, OTP or any other personal information.

Step 4:

Keep updating the UPI app regularly: Every app needs an update, and every update brings better features and benefits. You should always keep updating the UPI payment application to the latest version.

Step 5:

Avoid using multiple payment apps: You should avoid keeping multiple payment apps on your phone and only install trusted and verified payment apps from PlayStore or App Store.

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