Enhanced UPI Security: Real Names to Appear in Transactions Starting June 30, Measures Taken to Curb Online Fraud
New Delhi (The Uttam Hindu): Technology has made our lives easier, but it has also brought with it many dangers. The biggest change has come in money transactions since the increasing reach of the internet. Now most people make payments through online medium, whether they want to send money to someone or buy from a shop. If you also make online payments, then there is good news for you. Now your digital payment is going to be even more secure. The actual name of the payment recipient, as per the Core Banking Solution (CBS) records, will be displayed during all UPI transactions. Currently, UPI payments often use virtual IDs or nicknames, which can lead to confusion and potential fraud. The introduction of real names aims to enhance transparency and reduce errors, thereby making digital payments more secure for users .
'Safety shield' on cyber fraud
In the recent past, many cases of fraud in digital payments have come to light. From telecom companies to the government, everyone is taking new steps to prevent cyber crime and online fraud. If you use UPI apps like Paytm, PhonePe, Google Pay and BHIM, then now your online payment will be completely safe. Cyber criminals will no longer be able to steal your money.
'Financial Fraud Risk Indicator' alert
Let us tell you that a new 'security shield' has been prepared by the Telecom Department to keep digital payments safe. The name of this new security shield is 'Financial Fraud Risk Indicator' (FRI). The work of this new tool introduced by the Telecom Department is to identify those mobile numbers which may be involved in fraud or have already been involved.
Effective for both banks and non-banking platforms
If a mobile number is being used for cybercrime, the Financial Fraud Risk Indicator will immediately block it. Not only this, this tool will also alert users about cyber fraud. As soon as a suspicious number is involved in an online transaction, the FRI tool will identify it and immediately alert the financial institutions. This will completely eliminate the possibility of fraud with the users.
The biggest feature of the Financial Fraud Risk Indicator Tool is that it will not only work for banks, but it will also alert users about online fraud on non-banking platforms such as Paytm, PhonePe, GPay. This latest tool will keep a close eye on numbers that have already been found involved in any fraud, whose KYC or verification is not complete, or who are violating the rules. This step will play an important role in making digital transactions more reliable.