Payment Fraud

1 in 5 UPI users faced fraud; 51% victims didn't report, reveals survey

One in five UPI users in India faced fraud in the past 3 years, with 51% not filing complaints. A LocalCircles survey highlights growing risks and urges simplified, one-click reporting mechanisms

Banks in need of better security as payment frauds triple in value

According to the central bank's latest annual report, more than half of frauds took place in digital or card-based transactions, even though they accounted for only 1.4% of the $4 billion in scams

Your high-value cheque might bounce, even if you did everything right

Lenders have added PPS, a layer of verification system to prevent cheque frauds and protect customers

Over 33% respondents lose money to scams via real-time payments: Report

More than one-third of people surveyed have reported losing money to scams through real-time payments, according to a report. Highlighting the growing threat of scams in India's real-time payments (RTP) ecosystem, 34 per cent of respondents reported paying for goods, services or investments that were never delivered, according to the report by global analytics software company FICO. The report stated that 60 per cent of respondents reported exposure to messages from scammers, and 54 per cent said friends or family members had been scammed. While fewer Indian consumers reported losses in 2024 compared to 2023, the percentage of high-value losses those exceeding Rs 800,000 doubled from 2 per cent to 4 per cent, said Dattu Kompella, managing director in Asia for FICO. While 56 per cent of losses were relatively small, under Rs 50,000, these amounts can still be devastating for many households, the report said. Around 45 per cent of Indian consumers identified improved fraud detecti

UP, Gujarat, West Bengal contribute to more than 30% UPI frauds in India

NPCI takes only an average of 24 hours to respond to frauds

Probe into Chinese loan apps: ED freezes Rs 46 cr kept in payment gateways

Easebuzz, Razorpay, Cashfree and Paytm impacted

RBI to set up fraud registry to check banking frauds: Executive Director

Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks

Chile: Man, who got paid 286 times his salary, resigns and disappears

To retrieve the money, the company has now reached out to various agencies and registered a complaint against the employee

Top headlines: RBI reviews payment firms; US recovery helps India exports

The RBI has decided to review the business models of payment aggregators in view of a spate of frauds hitting customers.

Payment fraud registry to alter the way customers take to digital channels

Part of the problem is the manner in which eco-system participants on-board and service customers

Why payment fraud affects online stores more than you realise

Hackers may also resort to malicious redirection to fake sites, reports Tech in Asia