No doubt about it, Unified Payments Interface or UPI payment system has made our lives very easy. No need for keeping the change or standing in long ATM lines, just pay from UPI. However, with the success and popularity of this digital payment system, linked fraud cases are also surging rapidly. As per the data released by the Ministry of Home Affairs, “a significant surge in cyber fraud reports made on the National Cyber Crime Reporting Portal (NCRP) as a result of UPI fraud. There was a 15.3 per cent increase in cyber fraud complaints between the first and second quarters of 2022.”
Surging UPI Frauds
As per the data released, a total of 206198 complaints were registered on the National Cyber Crime Reporting Portal during Q1 of 2022, which increased to 237659 by 15.3 per cent in Q2. In the cybercrime category total of 62,350 UPI Frauds were registered during Q1, 2022. This data escalated to 84,145 complaints during Q2 with an increase of 34 per cent. The craze of UPI is attracting frauds in massive numbers.
As per RBI, “UPI payments increased by 1200 per cent in the fiscal year ending September”, mentioned Dnaindia
As per the data released by the Ministry of Home Affairs, “online financial fraud accounted for 67.9 per cent of total cybercrime. Debit/credit card/SIM switch fraud is another type of financial theft that is on the rise. 24,270 similar frauds were discovered in the first quarter of 2022, rising to 26,793 in the second quarter. However, the number of internet banking complaints about the report has decreased. In the first quarter of 2022, a total of 20,443 internet banking complaints were reported, which has since decreased to 19,267 in the second quarter”, mentioned dnaindia.
Also read:
Best Credit Cards with the Best Banks in India with Best Features
But still, the UPI payment is reshaping the Indian payments system rapidly. As mentioned by dnaindia while quoting Abplive, UPI Payments crossed 10 lakh crore in May 2022. And now this value has escalated to 12.11 lakh crore.
