Over 95,000 UPI fraud cases reported last year: Union finance ministry

The Union finance ministry told the Parliament that more than 95,000 fraud cases of Unified Payments Interface (UPI) transactions were recorded in the country in 2022-23. In 2020-21, 77,000 cases such cases were recorded, while 84,0000 cases were seen in 2021-22. Meanwhile, the latest data from the National Payments Corporation of India revealed that users completed over Rs 125 crore ($1.52 million) worth of UPI transactions last year.

The ministry added that the Indian digital payments system also gained global acceptance last year. Singapore, the UAE, Mauritius, Nepal and Bhutan are among the countries that have adopted UPI. This means that Indians can make payments in these countries through UPI, RuPay etc.

All these figures were revealed when Rajya Sabha MP Kartikeya Sharma asked a question about the increasing cases of digital paymentfrauds in India.

“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,” Dr Bhagwat Karad, minister of state for finance told the Parliament.

Karad further said that the government has come up with the national cybercrime reporting portal to register grievances regarding UPI fraud cases.

UPI has become extremely popular inIndia and other countries have been praising the country's digital payment system. Union Minister Ashwini Vaishnaw said earlier in February this year that India has signed MoUs with 13 countries that want to adopt the UPI interface.

These partnerships over UPI have been made possible by the NIPL (NPCI International Payments Limited) that is entering partnerships with other countries to make UPI payments possible for Indians.

(With inputs from agencies)

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