UPI Fraud On Rise: UPI i.e. Unified Payment Interface has made online payment very easy and simple. The success of UPI is not hidden from anyone. But the incidents of increasing fraud in online transactions through UPI have also increased continuously. According to the data of the Ministry of Home Affairs, there has been a big increase in the complaints of cyber fraud filed on the National Cyber Crime Reporting Portal (NCRP) due to UPI Fraud. Between the first quarter and the second quarter of 2022, there has been an increase of 15.3 percent in cyber fraud complaints.
UPI fraud increased
According to the data, in the first quarter of 2022, a total of 206198 complaints were filed on the National Cyber Crime Reporting Portal, which increased by 15.3 percent to 237659 in the second quarter. Talking about UPI fraud complaints in cybercrime category, 62,350 UPI fraud complaints were reported in the first quarter of 2022, which has increased to 84,145 in the second quarter of 2022. Which is a jump of 34 percent. However, the major reason for this boom is also the increase in UPI payments. According to RBI, there has been a jump of 1200 per cent in UPI payments in the half year ended September.
Increase in online financial fraud
According to the report of the Ministry of Home Affairs, online financial fraud accounted for 67.9 percent of the total cybercrime. Debit / credit card / SIM swap fraud also comes under financial fraud and has also seen an increase. In the first quarter of 2022, 24,270 such frauds were revealed, which has increased to 26,793 in the second quarter. However, there has been a decrease in internet banking complaints of the report. In the first quarter of 2022, a total of 20,443 complaints of internet banking were reported, which has come down to 19,267 in the second quarter.
UPI rises in popularity
However, there is a steady increase in UPI payment. In May 2022, UPI payment had touched 10 lakh crore mark, which has increased to 12.11 lakh crore.
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