UPI frauds rose to Rs 1,087 crore in FY24, an 89% increase; incidents doubled to 1.34 million, with Rs 485 crore reported in the first half of FY24
UPI drives 80% of India’s digital payments, with 187.37 billion transactions worth Rs 3,659 trillion in FY24; CAGR: 44% volume, 11% value since FY18
UPI security strengthened with multi factor authentication, NPCI's AI fraud detection, and the National Cybercrime Reporting Portal for tracking cases
Cybercriminals exploit phishing and malware; UPI’s growth demands global fraud prevention, with user awareness key to mitigating risks
AI-driven fraud management, data analytics, and predictive modelling by tech firms enhance security and mitigate risks in digital payments
NPCI and banks must boost security and awareness to safeguard UPI, sustain India’s digital leadership, and protect benefits for consumers and merchants