As digital payments gain momentum in India, frauds related to Unified Payments Interface (UPI) have surged significantly. UPI, the preferred mode for transactions ranging from grocery shopping to restaurant bills, utility payments, and bookings, has also become a major target for cybercriminals.
According to Minister of State for Finance Pankaj Chaudhary, UPI fraud cases increased by 85% in 2023. In the financial year 2022-23, over 8,300 crore UPI transactions worth approximately ₹140 lakh crore were processed. During this period, over 7.25 lakh fraud cases were reported, leading to losses of ₹573 crore.
The data underscores the growing need for enhanced security measures and public awareness to combat the rising threat of cyber fraud in the digital payments ecosystem
