UPI fraud cases surge by 85% in current fiscal

Pocket-friendly internet tariff and increased financial inclusion have contributed to the widespread popularity of digital payments across the country. However, this growth has attracted the attention of fraudsters, who are increasingly targeting vulnerable users.

According to the data, the UPI(Unified Payments Interface), fraud cases surged by 85 per cent in FY24 compared to FY23. The number of cases rose from 7.25 lakh in FY23 to 13.42 lakh in FY24. Also, the amount involved in fraud increased by 90 per cent. These cases involved a total value of Rs 1,087 crore in FY24, compared to Rs 573 crore the previous year, the data states. In the current fiscal year, there has been 6.32 lakh UPI fraud incidents recorded involving a total value of Rs 485 crore across the country till September. The data was shared by Minister of State for Finance, Pankaj Chaudhary in the Lok Sabha today.

According to the data, the total UPI transactions grew by 57 per cent year-on-year, from 8,371 crore in FY23 to 13,113 crore in FY24.