Cyber ​​fraud is no longer a new thing. Lakhs of people have fallen victim to it. However, the Department of Cyber ​​Security and the Government of India are making people aware about it. In this regard, the Department of Telecommunications (DoT) of the Government of India has issued new security measures for lakhs of UPI users. This security measure is being called the Financial Fraud Risk Indicator (FRI), which will involve banking and non-banking institutions to prevent common UPI-related frauds and scams. All these institutions will work together to prevent scams.

In fact, the Financial Fraud Risk Indicator released by the Department of Telecommunications will primarily analyse certain phone numbers and ultimately block such numbers that are attempting cybercrime activity. Launched under the Digital Intelligence Platform, the measure is designed to create a secure payment system and encourage more people across the country to adopt digital transactions. The FRI system will help banks and non-banking institutions identify risky transactions, thereby preventing them before they are completed.

UPI Security Update

The Financial Fraud Risk Indicator System will act as a tool that will help financial institutions keep an eye on suspicious phone numbers and UPI addresses. It is being said that the FRI will mark numbers that have been reported as sources of spam or cybercrime. This will also include numbers that have failed the verification process and have been found to be violating various rules.

Once the numbers are marked, they will be categorized into three levels of risk – medium, high and very high. This categorization will be done entirely based on the National Cybercrime Reporting Portal, Chakshu platform and other intelligence received from financial institutions.

Once categorized, the data is sent to central servers. Whenever a UPI user tries to transfer money to such a number if the transaction is marked as ‘very high risk’, the UPI app will block that transaction and alert the user. For numbers marked as medium risk, a warning will be given to the user.

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This new initiative is called Financial Fraud Risk Indicator (FRI). Its job is to identify mobile numbers that may be involved in fraud. If a number is being used for cybercrime or any suspicious activity is seen in it, it will be blocked.

What will the new system do?

The FRI system is a kind of digital alert tool. As soon as any banking or UPI transaction involves a suspicious number, this system will identify it and alert banks and other financial institutions. Fraud can be stopped before it happens.

The most special thing about this system is that it will work not only for banks but also for non-banking platforms. That is, apps like Paytm, PhonePe, GPay will also be able to keep their users safe with the help of this tool.

What numbers will FRI catch?

• Numbers that have already been found to be associated with a scam
• Numbers that have not completed KYC or verification
• Or those who repeatedly violate the rules

All such numbers will be flagged through this system and blocked if necessary.

Why is it important?

Nowadays, digital payments have become very common, but with it, cases of cyber fraud have also increased rapidly. In such a situation, this step of the government will not only increase the security of the common people but also increase the trust in digital transactions.

What should users do?

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If you want to withdraw money from an ATM machine, a debit card is required. But in today’s digital and technology era, you can withdraw money from ATM machine even without a debit card. For this you should only have your mobile. For this you do not need an ATM card. This banking service has been running for many days.

Although many banks were already providing the facility to their customers to withdraw money without card, but now the Reserve Bank has further expanded its scope. UPI i.e. Unified Payment Interface will be used for this facility. RBI has allowed banks to provide the facility of withdrawing money without using the card. Today we will talk in detail about withdrawing money from ATM without card.

To withdraw money from ATM without debit card, you must have a smartphone. Your smartphone should have any UPI enabled app like BHIM, Paytm, GPay, PhonePe etc. You will be able to withdraw money through these apps only.

Follow these steps

To withdraw money, first go to the ATM and choose the option to withdraw money without card. You will see the option to provide identification through UPI. After this, open the UPI app in your mobile and scan the QR code visible in front. You will be authenticated through UPI and after that you will be able to withdraw money. The further process will be the same as before. Enter the amount of money you want and withdraw your money.

Which technology will be used?

The Reserve Bank will soon issue separate instructions to NPCI, ATM network and banks to provide the facility of withdrawing money from ATM without debit card. Unified Payment Interface i.e. UPI will be used for this facility. Customers will be identified through UPI and such transactions will be settled through the ATM network. Let us tell you that this step will also provide a lot of relief to banks.

Benefits of withdrawing money without card

Reserve Bank Governor Shakti anta Das has said that the facility of withdrawing money from ATM without card is very beneficial. He had said that the facility of cash withdrawal without card will help in preventing frauds like card skimming, card cloning. Apart from this, you will not need to keep the card with you. Your smartphone will do all this work.

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This incentive will be given by the bank. Under the scheme, banks will be given financial incentives to promote ‘Point of Sale’ (PoS) payment machines and e-commerce transactions using RuPay and UPI in the current financial year.

An official tweet said, “The Cabinet approved the incentive scheme to promote small amount transactions between individuals and merchants through RuPay Debit Card and BHIM-UPI.” This will help in creating a robust digital payments ecosystem. Low-cost and easy-to-use UPI Lite and UPI 123 Pay will also be promoted under the scheme.

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Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post FREE UPI service: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

Now the Ministry of Finance has given relief information. The ministry said that the government is not considering levying any charge on the UPI payment service.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post UPI Payment Charges: Big News! Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.

The Finance Ministry tweeted, “UPI is one such digital platform which is highly convenient for the public and has a major contribution to the economy. No charges are being considered for the UPI payment service. Other options will be considered for cost recovery for service providers.”

UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. (1/2)

— Ministry of Finance (@FinMinIndia) August 21, 2022

What is UPI
Let us tell you that UPI is a real time payment system, which allows instant transfer of money from one bank account to another bank account. The special thing is that you can transfer money through UPI anytime, night or day.

How UPI System of Money Transfer Works Using the UPI facility is quite easy. For this, you have to download any UPI app like Paytm, PhonePe, Google Pay, BHIM etc. in your mobile. You can use this system by linking your bank account with the UPI app. Through UPI, you can link one bank account with multiple UPI apps. At the same time, multiple bank accounts can be operated through one UPI app.

The post Charges on UPI Payment: Finance Ministry issued a new order regarding UPI Charges, UPI service will be free, Check details Immediately first appeared on Rightsofemployees.com.