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Covid-19-led digital adoption leading to rise in cyber frauds: Report

UPI transactions crossed 1.49 billion in volume and $41 billion in transaction value in July

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Buyer side frauds such as fraudulent claims, chargebacks, fake buyer accounts and merchant side frauds like selling counterfeit products, non-fulfilment were some of the emerging types of frauds listed in the report | Photo: Shutterstock

Sai Ishwar Mumbai

2 min read Last Updated : Aug 26 2020 | 9:44 PM IST

Even as the Covid-19 pandemic forces consumers to opt for digital payments, there has been a rapid rise in cybercrimes such as web-skimming, malware campaigns and phishing scams in the country, a report on Fraud & Risk Management in Digital Payments by the Data Security Council of India (DSCI) and Paypal said on Wednesday.

In July 2020, UPI transactions in India crossed 1.49 billion in volume and $41 billion in transaction value. This, coupled with an increase in smartphone penetration and mobile internet access, has made India one of the fastest-growing countries adopting digital payments in the world, it added.

Topics : Coronavirus Digital Payments Cyber fraud

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