Indians see wallets drain by Rs 485 crore in 'UPI scams' in FY25

Over 600,000 incidents of fraud have been reported in the ongoing financial year till September

Indians have lost Rs 485 crore to frauds on the Unified Payments Interface (UPI) across 632,000 reported incidents during the ongoing financial year (2024-25/FY25) until September, according to data from the Ministry of Finance.

 

Since 2022-23, UPI-related frauds have accounted for a cumulative loss of Rs 2,145 crore across 2.7 million reported incidents. In 2023-24 (FY24) alone, 1.34 million fraud cases were reported, amounting to losses of Rs 1,087 crore. 

The rise in UPI-related frauds coincides with the growth in the number of users and the total transactions processed on the real-time payments system. 

However, the share of UPI-related fraudulent