RBI shares 'golden rules': Follow these steps before every payment to ensure safe money transfers..

Online Payment Safety Tips: From tea stalls to large malls, the use of UPI, net banking, and digital wallets has surged everywhere. While the convenience of instant money transfers has made life easier, a moment of carelessness can lead to funds being sent to the wrong account or falling victim to cyber fraud.

With this in mind, the Reserve Bank of India (RBI) has advised customers to remain vigilant as part of its public awareness campaign. The central bank's clear message is: "Be informed, stay alert!" Consequently, the central bank has once again cautioned the public, advising them to keep a few things in mind before every digital transaction.

Follow the rules and secure your payments
Double-check these two things before transferring money
A recent advisory issued by the Reserve Bank states that whenever you send money to someone via your mobile or computer, you must verify two key details before pressing the 'Pay' or 'Confirm' button:

Correct name of the beneficiary: Check whether the name appearing on the screen matches the person or shopkeeper you intend to pay. Often, entering an incorrect UPI ID or mobile number results in money being transferred to a stranger's account.

Exact amount to be sent: Double-check the digits of the transfer amount. In a rush, adding an extra zero (0) could result in transferring ₹5,00,000 instead of ₹50,000.

What to do if money is transferred to the wrong account?
If you accidentally transfer money to the wrong UPI ID or bank account, do not panic; instead, immediately take the steps outlined below. File a complaint by visiting the 'Help' section of your UPI app—such as Google Pay, PhonePe, Paytm, or BHIM. Contact your bank branch or customer care, and share the transaction ID along with a screenshot of the message. You can also file an online complaint regarding an erroneous transaction under the Dispute Redressal Mechanism on the official portal of the National Payments Corporation of India (NPCI).

Always remember that you never need to enter your UPI PIN to receive money in your account; the PIN is required only for sending money.
Do not share your PIN or OTP by clicking on links in unsolicited messages or those promising lottery winnings or cashback.
Always use strong passwords or biometric locks for your financial apps.

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