Types of UPI Frauds

Konsult-The Consulting Club of NIBM brings you a brings to you a Case study on ” Types of UPI Frauds“.

UPI is a single platform that merges various banking services and features under one umbrella. A UPI ID and PIN are sufficient to send and receive money. Real-time bank-to-bank payments can be made using a mobile number or virtual payment address (UPI ID). The UPI transactions In India have increased in Leaps and bounds over the years. For instance the year 2021 accounts for more than 50% of the transaction value of all the 5 years transactions combined’

As the rise in Digital transactions so the Digital frauds. Consumers have become more vulnerable to cyber fraudsters, with 34% of participants reporting financial fraud over the past 12 months. So in this case study we have presented the types of UPI Frauds in India and their respective mitigations.

Credits: Hari Teja Biary, Yogesh Chandra Singh Thakur

Disclaimer: Opinions expressed here do not reflect the opinions and beliefs of NIBM, Pune.

The content is the personal view of the authors and does not reflect the views of the organization.

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