Digital frauds including in UPI payments have doubled in the last one year, exposing the growing vulnerability of the country’s digital payment ecosystem.<\/p>\n
Data from the Union Home Ministry shows that in 2023-24, as many as 13.42 lakh incidents of UPI frauds were reported, compared to the 7.25 lakh reported in the previous year.<\/p>\n
The Centre has informed parliament that frauds to the tune of Rs 1,087 crore took place in 2023-24. The corresponding figure in the previous year was Rs 573 crore.<\/p>\n
Digital frauds include a wide range of criminal activities — debit\/credit card misuse, ransomware attacks and usage of much accounts (bank accounts being operated by third party to launder stolen funds).<\/p>\n
Today, the ministry informed the Rajya Sabha that in order to strengthen the mechanism to deal with cyber crimes including “Pig Butchering” scam, \u00a0many steps have been initiated by centre.<\/p>\n
Due to continuous monitoring so far, more than Rs 4,386 crore have been saved in more than 13.36 lakh complaints.<\/p>\n
“Cyber Fraud Mitigation Centre (CFMC) has been established in MHA where representatives of major banks, financial intermediaries, payment aggregators, telecom service providers, IT intermediaries and representatives of States\/UTs Law Enforcement Agency are working together for immediate action and seamless cooperation to tackle cyber crime,” Minister of State (Home Affairs) Sanjay Kumar Bandi told Rajya Sabha.<\/p>\n
The ministry said more than 3,962 Skype IDs and 83,668 Whatsapp accounts have been identified and blocked.<\/p>\n
Data till February indicates that more than 7.81 lakh SIM cards and 2,08,469 IMEIs as reported by the police have been blocked by the Central government.<\/p>\n
A portal has also been launched in collaboration with Banks and Financial Institutions to identify cyber criminals. So far, more than 8 lakh suspect records and more than 20 lakh mule accounts have been shared with the participating entities that helped save more than Rs. 2889 crore.<\/p>\n
The government has said in order to prevent payment-related frauds — including UPI transaction frauds — various initiatives have been taken up by the Government, the Reserve Bank of India (RBI), and the National Payments Corporation of India (NPCI).<\/p>\n
These include device binding between the customer’s mobile number and device, two-factor authentication through PIN, daily transaction limits, and restrictions on use cases.<\/p>\n
The NPCI also provides a fraud-monitoring solution to all banks that would involve generating alerts and declining transactions using AI\/ML-based models.<\/p>\n
Interestingly, the Government of India and the Reserve Bank of India has been working towards linking UPI with the Fast Payment Systems of other countries to facilitate cross-border payments.\u00a0<\/p>\n
These efforts include interlinking the FPS on inoperable basis as well as provisioning of payments infrastructure in other countries.<\/p>\n
At present, UPI is live in seven nations (UAE, Nepal, Bhutan, Singapore, Mauritius, France and Sri Lanka).<\/p>\n
Interlinking of UPI with the fast payment systems of other countries will enable the users making real-time, transparent and cost-effective digital transactions.<\/p>\n
“This will ensure seamless remittance transfer and will help Indian tourists visiting abroad for making seamless payments.” an official said.<\/p>\n
\u200bDigital frauds including in UPI payments have doubled in the last one year, exposing the growing vulnerability of the country’s digital payment ecosystem.\u00a0\u00a0<\/p>","protected":false},"excerpt":{"rendered":"
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