The digital payment craze in India has grown exponentially with the rise in smartphone and internet usage. The number of users making online payments through UPI is also increasing every year. Apart from the convenience that digital payment has given us, it has also created many disadvantages. With the advent of digital payments, cases of online scams and frauds have increased exponentially. Good news for you if you use UPI.
485 crore fraud in one year
You will be surprised to know that in the year 2024-25, online fraud in UPI payments cost Indians around Rs 485 crore. According to Finance Ministry data, around 6.32 lakh incidents of fraud and fraud were reported through the Unified Payment Interface i.e. UPI in 2024-25. These figures have been announced by the ministry for the month of September.
Let us tell you that in the year 2022-23, about 27 lakh people have been cheated regarding online payments. In this, around 2145 crore rupees have been lost to people. While more than 13 lakh fraud cases were reported in 2023-24. In which a total of 1087 crore rupees was cheated.
The government said this
According to the DC report, one of the major reasons behind the rise in these fraud incidents related to UPI is the rapid increase in the number of users. In this regard, the Finance Ministry said on Tuesday that continuous effective efforts are being made to prevent online fraud. To prevent fraud, we have to strike a balance between promoting fintech innovation and ensuring regulatory compliance, the ministry said. This means that we have to comply with the regulatory rules to take advantage of the speed at which new innovations are happening in the world of technology.
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