The Union finance ministry has knowledgeable the Parliament that greater than 95,000 fraud instances of Unified Funds Interface (UPI) transactions have been recorded within the nation in 2022-23, a rise from 77,000 instances in 2020-21, and 84,0000 instances in 2021-22.
Greater than ₹125 crores value of UPI transactions have been accomplished final yr alone, knowledge from the Nationwide Funds Company of India (NPCI) has revealed, an uptick from the final three years.
The Indian digital funds system additionally gained international acceptance, with Singapore, the UAE, Mauritius, Nepal and Bhutan being among the many nations which have adopted UPI, the ministry stated.
The info was revealed in response to a query raised by Rajya Sabha MP Kartikeya Sharma over the growing instances of digital funds fraud in India.
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“UPI purposes present an in-app intimation of a consumer initiating fee to an unknown beneficiary, the device-binding idea, whereby a consumer’s cell quantity is sure along with his cell system, which makes it almost not possible for anybody to interject,” Dr Bhagwat Karad, minister of state for finance advised the Parliament.
The federal government has additionally give you the nationwide cybercrime reporting portal to register grievances, Karad added.