The Future Crime Research Foundation revealed that digital payment frauds have become more sophisticated, targeting users with minimal tech literacy. UPI scams account for a growing percentage of these incidents, often involving phishing or fake payment requests. Fraudsters exploit gaps in user understanding to execute transactions.
The report emphasizes the need for collaborative efforts between banks, TPAPs, and regulators to enhance security measures. It also highlights the importance of raising awareness about reporting mechanisms and fraud prevention techniques. The findings underscore the urgency of proactive steps to ensure user confidence in India’s digital payment systems.
