Scan Your Transaction History
Before the spending spree truly kicks off, take a few minutes to do a financial health check. Open your UPI apps (like PhonePe, Google Pay, or Paytm) and your bank's mobile app. Navigate to the 'Transaction History' or 'Statement' section. You can typically
find this on the main screen or in the menu. Scrutinise the last few weeks of transactions. Look for any payments you don't recognise, duplicate charges, or subscriptions you forgot about. Catching an anomaly early is much easier than dealing with it after the fact. Most apps allow you to view details like transaction IDs and merchant names for every payment, making it easy to verify each entry.
Know the Common Scams
Fraudsters love the festival season because people are often distracted and more likely to click on enticing offers. Be wary of common scams. One is the fake 'collect request', where a scammer sends you a payment request, tricking you into thinking you're approving money coming to you. Remember: you never need to enter your UPI PIN to receive money. Another popular tactic is the fake cashback or reward link sent via SMS or WhatsApp. These links lead to phishing websites that steal your banking details. Only claim offers from within the official app or website. Also, be cautious of QR codes from unknown sources; scanning them can initiate a payment from your account without you realising it.
Set and Review Transaction Limits
One of the best ways to limit potential damage from fraud is to set transaction limits. The default daily UPI limit is generally ₹1 lakh, but many banks allow you to set a lower custom limit through their net banking portals or mobile apps. Check your bank's app under 'UPI Settings' or 'Fund Transfer Limits'. If this feature isn't available, you can contact your bank directly. Setting a lower daily cap ensures that even if your account is compromised, the financial loss is contained. For smaller, everyday purchases, consider using UPI Lite, which has a lower transaction and balance cap, adding another layer of security for your main account.
Strengthen Your App Security
Your smartphone is your digital wallet, so secure it accordingly. Ensure all your payment apps are protected with a screen lock, fingerprint, or Face ID. This prevents unauthorised access if your phone is lost or stolen. The Reserve Bank of India (RBI) mandates several security measures like two-factor authentication for transactions, but your first line of defence is your device itself. Never share your UPI PIN or OTPs with anyone, no matter who they claim to be. Banks and official representatives will never ask for this information. Regularly review app permissions and disable any that seem unnecessary.
Create a Festival Budget
While this isn't a direct app check, it's a crucial part of managing festival payments. Before you start shopping, create a realistic budget for all your planned expenses—gifts, food, travel, and decorations. As you spend using UPI, you can use the transaction history to track your expenses against your budget in real-time. Some apps even offer spending analysis features. This helps you see where your money is going and prevents the dreaded post-festival shock when you check your bank balance. A little planning can help you celebrate freely without starting the next month on a financial back foot.
