Over 95,400 UPI-related frauds reported in 2022-23: Centre
A total of 95,402 cases of Unified Payments Interface (UPI) transaction-related frauds were recorded in the country in 2022-23, the Finance Ministry told the Parliament on Wednesday. According to government data, this is higher than the 84,274 cases reported in 2021-22 and 77,299 cases the previous year. "Minuscule percentage of users get cheated over social engineering calls," the ministry stated.
UPI nearly impossible for anyone to interject: Centre
In response to a query over increasing frauds, Bhagwat Karad, Minister of State for Finance, said that UPI is based on the device-binding concept, making it "nearly impossible for anyone to interject." "Additionally, the user requires his debit card credentials and finally a One Time Password (OTP) for UPI PIN creation to facilitate linkage with his/her bank account to the UPI app," he added.
UPI users can instantly register grievances on government portal
Notably, UPI users can instantly register their grievances on the National Cyber Crime Reporting Portal by calling on 1930. "This helps in holding payments at the beneficiary banks' end if reported instantly," Karad said. The minister further stated that the Indian digital payment system has gained global acceptance, with Singapore, the UAE, Mauritius, Nepal, and Bhutan being among the countries that have adopted UPI.
