Is Google Pay (Tez) App safe or not? Your concern is genuine. Financial frauds have become very common. It seems every second person is trying to cheat you. But let me tell you upfront that Google Pay (Tez) is not a fake or fraud app. It is a genuine app and really made by the Google.
Know More- Top 10 Features of Tez App
Also Read- Google Pay: How To Send Money
The Payment System of The Tez
You should know that Google has entered into the payment business. In India, it has adopted the UPI Payment System platform for the fund transfer. There are many mobile apps which uses the same platform for the payments e. g. Paytm, BHIM, Phonepe, SBI Pay, iMobile etc.
The UPI platform has enabled the immediate fund transfer between two bank accounts. Because of this platform, the digital payment has become quite convenient. This platform does not necessarily require the bank account number of the beneficiary. Thus it keeps away your bank account number from the prying eye of the fraudsters. You can learn more about the UPI in my separate post.
The Tez also relies on UPI platform for the basic security. So, let me tell you the security arrangement of the UPI.
Safety Features of UPI
The RBI has mandated 2-factor security for all the financial transactions. It means, that a bank would verify the authenticity of the account holder in two ways. For example, when you present a cheque, the bank checks your signature as well as the cheque leaf. Similarly, when you withdraw from the ATM, the machine checks your ATM card and your PIN both. Mere ATM card would not give you the money.
This 2-factor security is also used in the UPI payments.
1. Registered Mobile number
A UPI based mobile app fetches your bank account number when you first time register a bank account. It happens because your mobile number is registered with the bank account.
When you use Tez or any UPI app, It uses your mobile to send an SMS. By sending an SMS the UPI system quietly get to know the mobile number of that handset. Using that mobile number the UPI fetches all those accounts which have registered that mobile number. So, you would be able to see only those account which has your mobile number. Without your mobile number, no one can even know about your bank accounts.
Even, when you change the SIM of your handset, All the UPI apps would lose the link with your bank account. Thus you would not be able to use the bank accounts. To use the UPI payment system, you must have the SIM of the registered mobile number in the handset. This is the first layer of security of the UPI payment system.
2. UPI PIN is Mandatory
The next layer of the security is the UPI PIN. Without entering a UPI PIN, you would not be able to even see the bank balance.
The UPI PIN is set when you use a UPI app first time. You have to set a separate UPI PIN for every linked bank account. the UPI PIN of a bank account remains same irrespective of the App. Suppose, you have set the UPI PIN of your ICICI Bank account as 5432. This PIN (5432) would work in every BHIM UPI app whenever You try to do a transaction from the ICICI bank account.
The UPI PIN is generated by using your ATM card details. So, a person can reset your UPI PIN by using the Debit card details.
This system of UPI PIN is the second layer of the security. You can learn more about the UPI PIN.
हिन्दी में पढ़ें- यूपीआई पिन को कैसे सेट करें
Additional Safety by the Tez
The Tez app has some added security features.
1. Application Login PIN
It adds another layer of security. You would not be able to open the Tez app without entering the security key. You can choose any of the following security keys.
- Google PIN – It is 4 digit Google PIN. It would work only when your mobile is connected to the internet.
- Screen Lock – Your Key for the screen lock can be also used for opening the Tez app. This key can be Pattern/PIN or Password.
Some Apps such as Phonepe do not ask Application Login PIN.
2. Tez Shield
The Google boast of its own security system. This system works along with the UPI security. The Google has named its system as Google Shield.
Tez protects your information using Tez Shield, a collection of top security features that help detect fraud, prevent hacking and protect your identity.
Your Tez information is stored on secure servers in a safe location, and our team monitors it at all times.
Safe Practice by You
You can make your Tez app more secure by taking some extra steps.
- Set screen lock PIN for your smartphone.
- Use Google PIN instead of screen Lock PIN to open the Tez app.
- Change Your PIN periodically.
- Don’t leave your mobile phone unlocked
- Think twice while approving a Payment request. Many fraudsters try their luck by sending fake payment requests.
Recommended- Tez App vs Paytm, BHIM and Phonepe
The Probability of Fraud or Theft
If anyone wants to steal money from your bank account through the Tez app. The person has to cross following security checks.
- Access to SIM- The Google Pay (Tez) works only with the Smartphone which has your registered SIM. So, the fraudster must have the access to your SIM.
- Access To Mobile – To use the Google Pay (Tez) app of your Smartphone, it would be able to open your phone.
- Login To Google Pay (Tez) – The Google Pay (Tez) again requires security key for the login. If you have set the google PIN, the fraudster should also know that.
- UPI PIN – This is the final security check. If a fraudster gets to know it, he/she would be able to transfer the fund.
So, if you are satisfied with the security arrangements of the Tez, you can enjoy multiple benefits of this app. You can use cash mode of the Google Pay (Tez) to make payments to nearby people. It also gives you the bill check and Payment facility. Moreover, you can earn some handsome rewards by using Google Pay (Tez).