The government received at least 61,100 reports of financial frauds involving digital payments in May, indicating a large increase in such scams.
According to data shared by officials, more than half of these (33,712) were on the Unified Payments Interface (UPI), which was followed by 10,898 complaints of frauds involving debit or credit card or SIM card switching.
The remaining scams include Internet banking fraud (7,099), fraudulent or voice phishing calls (5,503), e-wallet theft (3,010), demat account scam (769), and email takeover (187).
While 61,178 cases in the 30-day period is equivalent to over 2,000 cases per day, a source familiar with the situation told Hindustan Times that the number is higher than the number of reported cases, which have averaged around nearly per day for the past three months. is 2,500. ,
It was also learned that 3,500 cases were reported on June 9 alone.
There were an average of 1,500 cases per day in 2021 and the number of cases reported every day has almost doubled, according to the report which also said that the breakdown for the other months of 2021 and 2022 is yet to be found.
These figures have come from complaints filed on the government’s cybercrime portal.
However, last week, India’s National Security Council Secretariat led by Lt Gen Rajesh Pant held a meeting to consider ways to contain the escalation, which was attended by senior officials from the Home Ministry, National Payments Corporation of India and Reserve Bank of India. Bank of India.
It is noteworthy that in FY22 – till February 28 this year – digital transactions in India UPI grew 33% to 7,422 crore transactions with Rs 8.27 lakh crore transactions worth Rs 452 crore.
It has been highlighted several times that as digital payments become more popular, fraud is on the rise.
As per other reports, every month such frauds are committed through UPI, which accounts for 50% of all financial frauds by UPI through various mechanisms, such as luring customers into paying unauthorized QR codes. Or to gain trust by installing malware and forcing customers to use it. Unauthorized app.
Moreover, apart from using techniques like SIM cloning or swapping, sending harmful QR codes, malicious apps, user impersonation, and much more to get OTP on the fraudster’s phone, fraudsters are becoming increasingly cunning. Ironically, bad actors commit these crimes using tools designed to help consumers find better answers.
Hence, given the rise in frauds, lack of adequate infrastructure to detect or prevent such incidents and lack of redressal mechanisms, concerns about online digital payments among people are genuine.
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