Online payment fraud cases jumped by 400 percent, RBI releases shocking data

   2024-06-01 09:06

Cyber fraud
Image Source : FREE PIK Cyber fraud

The incidence of digital payment fraud in India has seen a significant increase. The Reserve Bank of India has released alarming data regarding this issue. According to the annual report of the Reserve Bank, cases of online payment fraud have increased fivefold in the financial year 2023-24. Cybercriminals defrauded people of Rs 14.57 billion (Rs 1457 crore) in the last financial year.

The UPI service was launched in India 8 years ago, in 2016. Following its launch, India emerged as a powerhouse in digital payments. Through UPI, users can instantly transact money from their mobile phones. According to the RBI report, payments through UPI have increased by 137 percent over the last two years. Transactions worth Rs 200 trillion have been conducted through UPI in India, setting a record.

The prevalence of cheap internet has led to a rapid increase in digital payments. However, the popularity of digital payments has made millions of users in India susceptible to cyber fraud. A Bloomberg report suggests that the lack of financial literacy and inadequate knowledge about technology are making it easier for cybercriminals to target individuals. Although the government and the Reserve Bank are conducting awareness campaigns, the number of cybercrime cases continues to rise.

Cybercriminals particularly target individuals with limited technological knowledge, who easily fall into their traps and become victims of online scams.

Keep these things in mind when making online payments:

  • Do not share your personal information, including your card and bank account details, with anyone while making online payments.
  • Do not share the OTP (One Time Password) or secret code received on your phone with anyone.
  • Disregard calls or messages from unknown numbers.
  • Ignore calls promising gifts or prizes, and do not share your personal information with anyone.
  • Avoid clicking on any links received via email or SMS, even by mistake.

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