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    Friday, April 12, 2024

      How to Recover Money if Transferred to a Wrong UPI Account | Step-by-Step Guide

      Sending money via Unified Payment Interface (UPI) is convenient, but mistakes can happen, resulting in funds being transfer to the wrong recipient. Many people mistakenly send money to the wrong bank account via their UPI-link mobile number.

      This happens because their phone number is link to their UPI ID, which is then connect to their bank account.

      Legal experts advise that to recover money transfer to the wrong recipient, you must prove the transfer was unintentional.

      When proven, the bank is responsible for reversing the transaction.

      How to Recover Money if Transferred to a Wrong UPI Account?

      Follow These Steps :

      1. Visit NPCI website or click HERE.
      2. Find the ‘complaint‘ section.
      3. Select the nature of the transaction from the drop-down menu.
      4. Choose the issue.

      For example, if you unintentionally transfer money to someone else, select ‘Person to Person‘ as the nature of the transaction and ‘Incorrectly transferred to another account‘ as the issue.

      NPCI’s website outlines the steps for escalating a complaint to resolve the issue promptly.

      As the individual should raise a complaint with the UPI app use for the transaction.

      If the complaint remains unresolve, the next step is to file a complaint with the bank that manage the transaction (PSP) and NPCI using the grievance portal.

      If all available options are exhaust and the individual is still unsatisfied with the resolution, they should approach the banking ombudsman.

      As reassigning a mobile number does not grant someone access to your bank account automatically.

      Banks use multi-layer of security measures to safeguard customer accounts.

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      Access to accounts typically requires secure authentication processes like passwords, PINs, security questions, and two-factor authentication.

      These mechanisms ensure that only authorise individuals can access and manage the account, even if the associate mobile number has reassign.

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