5 Most Common Online Payment Frauds in India That You Must Know – News18

With digital transactions taking over, we are increasingly seeing more online payment fraud. In fact, according to the Reserve Bank of India, comparing March 2022 to March 2019, digital payments have risen in volume and value by 216% and 10%, respectively. And, UPI, IMPS, and PPI transactions among digital payments recorded CAGRs of 104%, 39%, and 13% throughout the same period, respectively. As evident by the stats, Indians are starting to go all-in with digital transactions, but one can’t deny the security issues that loom, thanks to the lack of education and know-how when it comes to online payments. Here, we will discuss the top five online payment frauds plaguing India.

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1) UPI Frauds

It is widely acknowledged that UPI is the most common way to make day-to-day payments in India. Now, a lot of people are still foreign to the concept, but some marketplaces that allow people to sell pre-owned belongings are starting…

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