Nine steps for SBI customers to guard against UPI fraud

In the era of mobile or app-based banking Unified Payment Interface (UPI) code or QR code is one of the most widely used service. A small mistake can allow fraudsters to empty your account. According to data of Reserve Bank of India, in FY 2020, SBI customers topped the banking fraud chart with more than 63,000 complaints, of which at least 35% were purely UPI-based fraud and rest were card or phone-related frauds.

To protect customers the nation’s largest lender State Bank of India (SBI) is offering enabling and disabling the UPI service just like they can set the limit of credit cards or debit cards.

SBI has also tweeted about it to caution customers.

One can easily enable and disable the UPI access multiple times as per the need via both internet banking and mobile banking.

9 steps over internet banking

Step 1: Login to SBI internet banking page onlinesbi.com

Step 2: Go to the ‘My Profile’ section.

Step 3: Click on ‘more’ at the bottom of the column under ‘My Profile’ segment.

Step 4: You will find ‘enable/disable UPI transaction’ option.

Step 5: After submitting, you’ll be redirected to a new page.

Step 6: You have to key in the profile password of internet banking in the designated place.

Step 7: Put profile password and click submit.

Step 8: In the next screen select your account number.

Step 9: Now select enable/disable option and click Submit.

If you disable the UPI transaction permission in this way, you can also enable it following the exact same way.

9 steps over YONO

Step 1: Login to YONO using the user ID and password.

Step 2: Go to the ‘My Profile’ section.

Step 3: Here you will find ‘UPI’ option.

Step 4: You have to tap the ‘UPI’ option and the ‘enable/disable UPI transaction’ option will come.

Step 5: Select the option, then ON/OFF option will come.

Step 6: Select the required option and click submit.

Step 7: Go back to the home page and login again.

Step 8: Check the status to confirm.

Step 9: Now you can do the opposite thing by following these simple steps.

Advantages

SBI customers can enable/disable UPI for their SBI account anytime. It will help them to protect the required account and keep hard-earned money safe.

SBI officials suggested that unless and until the consumer needs to pay or receive money via UPI it is advisable to keep the UPI transaction option disabled. No fraudulent activities can take place if the option is disabled.

“Want to enable/disable your UPI services in your account? You can easily do that via Online SBI or YONO SBI. Enjoy our online services from your comfort zone,” said the SBI tweet.

UPI-based fraud

One of the channels witnessing seeing a rise in frauds is the Unified Payment Interface (UPI), a digital payment platform that facilitates cashless, real-time transactions via mobile phones.

These frauds are broadly classified into four different categories, i.e. phishing, remote screen mirroring, deceptive UPI handle and scam using UPI PIN.

According to RBI data, the total number of bank frauds including the UPI based one reported by scheduled commercial banks and select financial institutes during financial year 2020 is 84,545 and the amount involved is about Rs 1.86 lakh crore.