UPI Fraud on Rise: UPI . Online payments are now incredibly straightforward and easy thanks to Unified Payment Interface. Nobody is surprised by UPI’s success. But there has also been a steady increase in the incidents of fraud in online transactions through UPI. Data from the Ministry of Home Affairs show that the number of cyber fraud complaints reported to the National Cyber Crime Reporting Center has significantly increased. Portal (NCRP) due to UPI fraud. There has been a 15.3 percent increase in cyber fraud complaints between Q1 and Q2 of 2022.
According to UPI fraud
According to the data, a total of 206198 complaints were registered on the National Cyber Crime Reporting Portal in the first quarter of 2022, which increased by 15.3 percent to 237659 in the second quarter. Regarding the accusations of UPI fraud in the area of cybercrime, 62,350 UPI fraud complaints were made in the first quarter of 2022, and this number rose to 84,145 in the following quarter. which represents an increase of 34%. However, the rise in UPI payments is also a major factor in this boom. In the six months that ended in September, UPI payments increased by 1200%, according to the RBI.
Increase in Online Financial Fraud
According to the Home Ministry report, online financial frauds account for 67.9% of total cybercrime. Debit/Credit card/SIM swap frauds also come under financial frauds and have also seen an increase. In the first quarter of 2022, 24,270 such frauds were reported, which increased to 26,793 in the second quarter. However, the internet banking complaints of the report have come down. A total of 20,443 complaints of internet banking were registered in the first quarter of 2022, which has come down to 19,267 in the second quarter.
The popularity of UPI increased,
However, there is a steady rise in UPI payments. In May 2022, UPI payments touched the 10 lakh crore mark, which has increased to 12.11 lakh crore.
Read More: Digital Currency: Notes will be closed in the future! RBI did a pilot test of digital currency, what will be the benefit?
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