How UPI prevents us from fraud while doing transactions?

Aditi

Hi
How does UPI prioritize the security and integrity of transactions within the banking system, assuming that it does not reveal the bank’s information such as account number, during the transactions to safeguard our data and prevent fraud?

Ritika

UPI ensures that your bank details remain confidential. While doing the transaction, UPI uses the Virtual Payment Address (VPAs) instead of sharing bank account number. UPI uses the Two-Factor Authentication, which requires PIN and OTP for verification. All the transactions are end-to-end encrypted which prevents us from fraud. All these security steps are taken by UPI to maintain the security and privacy of your transactions.

anchal

My money was debited from my account but not credited in the receiver's account. What should I do?

Ankita

This is a common issue nowadays in online transactions that money was debited from the account but not credited to another account. If it happens then there is no need to worry because when a transaction fails for some reason money is refunded back.
Sometimes, transactions take a few hours to process. If the transaction is still pending wait for 24 hours before taking further action. If the money is not credited within 24-48 hours, then lodge a formal complaint with your concerned bank. Give them the transaction ID or reference number to get the exact reason why it failed and was not credited into the receiver's account. You can also file an online complaint at cms.rbi.org.in and at NPCI (National Payment Corporation of India).

vikas

I was paying money to my cousin through Google Pay, but by mistake, I paid the money to the wrong number. The amount paid is 40k which is a big amount. Now, how can I get my money back?

Amisha

First, always confirm the recipient number with name before any transaction or start your payment with 1 rupee to check the right account. If by mistake you send the money to the wrong account, then follow these steps to get your money back:

Try to contact the recipient and request to send the money back.
Use the Request Money feature of Google Pay to get the money back.
Note all the details and history of the transaction and contact your bank or call your bank customer services.
If the bank does not provide you with any support then complaint a file with NPCI at https://www.npci.org.in and go to UPI Dispute Redressal Mechanism.
If you suspect fraud then file a complaint at https://cybercrime.gov.in/.