6.2 UPI Safety for P2P Trading
How to use UPI safely for P2P crypto trades and protect yourself from UPI-related fraud.
§UPI Safety Fundamentals
UPI is designed to be a safe payment method, but users must follow best practices to avoid falling victim to fraud. Never share your UPI PIN with anyone. Your UPI PIN is equivalent to your bank password and should never be disclosed under any circumstances.
Be aware that receiving money through UPI does not require you to enter your PIN or approve a transaction. If someone asks you to enter your PIN or scan a QR code to receive money, it is a scam. Entering your PIN or scanning a QR code authorizes a payment, not a receipt.
§Verifying UPI Payments
When you receive a UPI payment, verify it by checking your bank account balance or transaction history in your banking app. Do not rely on UPI payment notification screenshots from the sender.
Cross-reference the payment amount, sender's name, and transaction time with the trade details on CryptoBazaar. All three should match before you release escrow.
If a payment appears as pending in your UPI app, wait for it to fully settle before taking any action. Pending UPI transactions can fail or be reversed.
§Common UPI Scams to Avoid
The collect request scam involves a buyer sending you a UPI collect request instead of a direct payment. If you approve the collect request, money is debited from your account rather than credited to it. Never approve unsolicited collect requests.
The fake UPI screenshot scam involves sending manipulated images of UPI payment confirmations. Always verify in your actual bank app.
The QR code scam involves asking you to scan a QR code to receive payment. Scanning and entering your PIN on a QR code initiates a payment from your account. Never scan QR codes to receive payments.
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