India’s digital payments craze is picking up quickly as smartphones and internet usage increase. The number of users making online payments through UPI is also increasing every year. While digital payment brings us convenience, it also brings many disadvantages. Since the advent of digital payments, online scams and fraud cases have increased rapidly. If you are using UPI then here is useful news for you.
Fraud amounted to Rs 485 crore in one year
You will be surprised to know that Indians lost approximately Rs 485 crore due to online fraud in UPI payments in 2024-25. According to the Ministry of Finance, around 600,000 32,000 incidents of fraud and cheating were registered through the Unified Payments Interface (UPI) in 2024-25. The figures are for September released by the ministry.
Let us tell you that in 2022-23, around 2.7 million people were scammed due to online payments. Almost someone lost Rs 2,145 crore as a result. In 2023-24, more than 1.3 million fraud cases were reported. The fraud amounted to Rs 1,087 crore.
The government says so
DC reports that a major reason for the increase in these UPI-related fraud incidents is the rapid increase in the number of users. In response, the Ministry of Finance said on Tuesday that it is continuing to take effective measures to curb online fraud. The Ministry of Industry and Information Technology said that in order to curb fraud, we must strike a balance between promoting fintech innovation and ensuring regulatory compliance. This means that as new innovations in technology develop rapidly, we must comply with regulatory rules in order to use them.
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