There had been 84,000 circumstances of UPI fraud in 2021-22, and in 2020-21, 77,000 such circumstances had been recorded. The figures had been published when Rajya Sabha MP Kartikeya Sharma in Parliament requested a query about expanding circumstances of virtual cost frauds within the nation.
According to the information from the National Payments Corporation of India, customers finished over Rs 125 crore ($1.52 million) price of UPI transactions closing yr.
UPI criticism portal
Dr Bhagwat Karad, minister of state for finance, mentioned that the federal government has get a hold of the nationwide cybercrime reporting portal that allows customers to sign in court cases referring to UPI fraud circumstances.
“UPI applications provide an in-app intimation of a user initiating payment to an unknown beneficiary, the device-binding concept, wherein a user’s mobile number is bound with his mobile device, which makes it nearly impossible for anyone to interject,” mentioned Karad .
UPI recognition in India
Since its release, UPI has change into highly regarded in India and its recognition has risen in different nations. closing month, Ashwini Vaishnav, Union minister Communications and Electronics & Information Technology, mentioned that India has signed MoUs with 13 nations that wish to undertake the UPI interface.
Countries together with Singapore, the UAE, Mauritius, Nepal and Bhutan have followed UPI. This will permit Indians to make bills in those nations thru UPI.
Recently, a file via Times of India mentioned that during Gujarat on my own, 70% of court cases about on-line monetary scams prior to now yr had been about UPI-related fraud.