Early Times Report
Jammu, Nov 26: Over the past three years, India has experienced nearly 27 lakh UPI domestic payment fraud cases, amounting to Rs 2,145 crore. Minister of State for Finance Pankaj Choudhary disclosed in the Lok Sabha that the financial year 2023-24 alone saw over 13.42 lakh fraud cases, involving Rs 1,087 crore—a sharp rise compared to previous years.
Minister Choudhary, in a written reply to the Lok Sabha, highlighted the implementation of the Central Payment Fraud Information Registry (CPFIR) by the Reserve Bank of India (RBI) since March 2020. This web-based tool requires all Regulated Entities (RE) to report payment-related frauds to CPFIR.
During the financial year 2022-23, 7.25 lakh UPI domestic payment fraud cases involving Rs 5.73 crore were reported. The number of fraud cases surged to 13.42 lakh in the financial year 2023-24, involving Rs 1,087 crore. In the current financial year, 6.32 lakh fraud cases have been reported, with losses amounting to Rs 485 crore.
The Minister detailed various measures taken by the Government, RBI, and National Payments Corporation of India (NPCI) to combat payment-related frauds, including UPI transaction frauds. These measures include device binding between the customer's mobile number and device, two-factor authentication through PIN, daily transaction limits, and usage restrictions. NPCI also provides a fraud monitoring solution to banks, utilizing AI/ML-based models to alert and decline fraudulent transactions. Additionally, RBI and banks have conducted awareness campaigns through SMS, radio, and other media to educate the public about cybercrime prevention.
The Ministry of Home Affairs (MHA) has launched a National Cybercrime Reporting Portal (www.cybercrime.gov.in) and a National Cybercrime Helpline Number (1930) to facilitate the reporting of cyber incidents, including financial frauds. Customers can also report financial frauds through official customer care websites or bank branches.
The Department of Telecommunications has introduced the Digital Intelligence Platform (DIP) and the ‘Chakshu’ facility on the Sanchar Saathi portal (https://sancharsaathi.gov.in). ‘Chakshu’ allows citizens to report suspected fraudulent communications received via calls, SMS, or WhatsApp, such as KYC expiry or bank account update requests.
RBI’s Payments Vision Document 2025 aims to expand the global outreach of UPI and RuPay cards as a key objective under the ‘internationalization’ pillar. |
