Online Payment Frauds Increase More Than 400 Percent in India: RBI Data Shows

During the last financial year in the country, frauds associated with online payment increased by more than 400 percent to Rs 14.57 billion. Digital payments have increased rapidly since the introduction of Unified Payments Interface (UPI). With this, users can easily transfer payments from their smartphones.

Data from Reserve Bank of India (RBI) has shown that in the last two years Upi The value of transactions done from increased by about 137 percent to about 200 lakh crore. Head of Growth of Fraud Detection Platform Bureau, Nikhil Jois reported that the growing popularity of digital payments has increased the target for fraudsters. He said, “Due to lack of financial literacy and low use of technology, a large part of the population can become a victim of such fraud. Frauding advances are becoming, while financial institutions and fintech companies are struggling for market share and growth Are.”

The RBI has started several camps to make consumers aware of financial fraud. UPI is also being expansion abroad. The UPI service has been launched in Sri Lanka and Mauritius. Rupay Card Service has also been launched in Mauritius. This will provide UPI service to Indians traveling to Sri Lanka and Mauritius. Prime Minister Modi described it as connecting historical relations with modern digital technology. He hoped that the new Fintech services would help both countries. Modi said that UPI has taken new responsibility to unite allies with India.

UPI provides facility to send money through mobile apps. The scope of digital rupee has also increased in the country in the last few months. This has made it easier for RBI to complete the target of 10 lakh transactions per day by the end of the previous year. At the end of the previous year, some big government and private banks transferred the amount related to the employee benefit schemes to the CBDC wallets in the staff. The Central Bank Digital Currency (CBDC) or e-Rupaye has been prepared through distributed laser technology as a digital alternative to cash.