According to the RBI data, the value of transactions on upi has jumped 137% in the past 2 years to 200 trillion rupees. Along with this fraud related to digital payment in India so a more than five fold jump to 14.57 billion rupees which is equivalent to 175 million in the year, ended March 2024. This data is as per the annual report published by the Reserve Bank Of India on Thursday.
India has turned into a digital payments power house since the launch of the UPI system known as unified payments interface in 2016. With the introduction of UPI, several users have got the opportunity to transfer money instantly using their mobile phones. According to the data by the Reserve Bank of India the value of online transactions through upi jumped 137% in the past 2 years to 200 trillion rupees. Greater financial inclusion and cheap access to digital media have led to an increase in digital payments all across the country.
Nikhil Jois, head of growth at fraud detection platform bureau, stated “Coupled with a lack of financial literacy and imprudent use of technology, vast population is rendered vulnerable to such attacks,” to which he also added “Fraudsters are getting sophisticated by the day, while financial institutions and fintechs, jostling for market share and growth, have loosened controls.”
Several high profile campaigns have been launched by the central bank to ensure that the consumers are well informed about financial frauds including advertisements were Bollywood star Amitabh Bachchan is alerting the users to be aware of the risks when transferring money online.
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