Upsurge in UPI Fraud Cases: How can you Guard Against These Scams

 

India is going digital as more and more individuals use the internet to shop, order food, and complete other activities.

According to a Times of India (TOI) report, in March 2023, Unified Payment Interface (UPI) transactions reached a record high of 865 crores, with a record value of Rs 14.07 lakh crore. The number of transactions totaled 728 crores, which was 18% greater than in February 2023.

However, as UPI transactions have increased, so have instances of online fraud and frauds. More than 95,000 fraud cases using UPI transactions were reported in 2022–2023, up from 84,000 cases in 2021–2022 according to the Union Ministry of Finance. 

Let’s focus on UPI frauds in more detail, along with certain precautions you might take.

UPI PIN request 

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