Viral KYC Scam in Mumbai Steals Rs 1 Crore from 81 Users

The UPI (Unified Payment Interface) payment system has significantly changed how online payments are made in India. The UPI system allows banking customers to transfer money instantly across bank accounts for all kinds of transactions, including online shopping and airline reservations, as well as grocery and vegetable purchases from roadside vendors. 

UPI daily transactions have increased from 24 crores a day in February 2022 to 36 crores a day. This is according to a Reserve Bank of India report. There is no doubt that online payments have grown in popularity, but they have also become a crucial hub for committing internet fraud as a result of the same.

There has been a significant rise in online payment activity in India since the pandemic. A newly implemented implementation of unified payment interface (UPI) applications has been implemented in the country to facilitate cashless money transfers. This shift is not widespread yet. 

Nevertheless, people are kept in the dark about such apps, and scammers have developed creative ways to swindle them. 

A widespread UPI fraud case has surfaced. Online con artists exploit “payment mistake” strategies to defraud victims and steal funds from their bank accounts connected to UPI. According to repor

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