How to Stay Safe While Using UPI and Credit Lines
When it comes to transacting through UPI and using credit lines, there is always a risk of scams and hacks. Cybersecurity consultant Ritesh Bhatia explains that there are two types of scams: one where your phone number and UPI are registered on another device and misused, and another where you are already being scammed and making payments.
While it’s impossible to completely eliminate the risk, you can minimize the impact by being cautious. Currently, there have been frauds involving cybercriminals asking for UPI ID and PIN through phishing techniques. They then register your details on their phone, potentially compromising your credit line or credit card-based UPI transactions.
The Risks of UPI Credit Lines
If you have a significant amount in your savings account but only earn a moderate income, you may be offered a large credit line. However, this can be easily siphoned off by scammers. It’s important to exercise caution and consider whether linking your credit line is necessary.
Types of UPI Scams
There are two main types of UPI scams. The first occurs when people unknowingly share information that leads to their UPI being registered elsewhere. The second involves individuals who fall victim to scams and make payments themselves. In such situations, it’s crucial to pause, verify, and maintain zero trust before proceeding with any transactions.
In many cases, victims realize they have been scammed after the fact when it’s too late to pause and verify the transaction. This can result in significant financial losses. For example, someone may end up paying Rs 4 lakh through their UPI, including funds from their credit line.
Safety Rules for Using Credit Cards and Credit Lines on UPI
Here are five thumb rules to follow for safety when using credit cards and credit lines on UPI:
- Ensure that your UPI PIN is different from the PIN used for your credit card.
- Set transaction limits to prevent unauthorized transactions, both domestically and internationally.
- Avoid taking photos or storing card details in your phone gallery to prevent unauthorized access.
By following these precautions, you can minimize the risks associated with UPI transactions and credit lines.
Hot Take: Protect Yourself from UPI Scams and Hacks
While technology and cybersecurity may not go hand in hand, it’s important to take steps to protect yourself when using UPI and credit lines. Scammers are constantly finding new ways to exploit vulnerabilities, but by staying vigilant and following safety rules, you can reduce the chances of falling victim to scams. Remember to pause, verify, and maintain zero trust before making any transactions. Additionally, ensure that you set transaction limits, use unique PINs, and avoid storing sensitive information on your device. By adopting these measures, you can enhance your security while enjoying the convenience of UPI and credit lines.
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