UPI frauds and how users can stay safe – Deccan Herald

In recent times, Unified Payment Interface (UPI) has been the preferred mode of transaction for all types of payments – from buying a cup of tea to groceries ever since demonetisation and the Covid-19 pandemic.

The UPI clocked the milestone of Rs 10 lakh crore worth of transactions in May. There is a continuous push from the government and the Reserve Bank of India to create an indigenous payment eco-system, which will enhance customer experience with the highest level of security. RBI has recently announced the launch of cardless cash withdrawals at ATMs via UPI, which will bring in another era in digital and cardless banking.

UPI works on an architecture that ensures a robust security framework where money cannot be misused unless authenticated and authorised by the customer themself. However, the rise in digital payments has also provided an attractive playground for criminals leading to cyber frauds. While it is almost impossible for fraudsters to break into UPI’s security…

Read Full Story: https://www.deccanherald.com/business/business-news/upi-frauds-and-how-users-can-stay-safe-1125471.html

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