Government, RBI, NPCI have taken various initiatives to prevent UPI transaction frauds, says Nirmala Sitharaman

Nirmala Sitharaman, the Finance Minister replied to questions raised by the absorption successful the Parliament on Monday, November 25. The questions were asked connected non-performing plus (NPA) cases successful India, Unified Payment Interface (UPI) transactions and others.

While asked astir the fig of incidents of frauds reported successful the UPO currency transactions, Sitharaman said, "RBI has implemented Central Payment Fraud Information Registry (CPFIR), a web-based outgo related fraud reporting instrumentality since march 2020. All the Regulated Entities (RE) are required to study the outgo related frauds to the said CPFIR." 

The year-wise UPI home payments frauds reported during the past 2 fiscal years and the existent fiscal twelvemonth are arsenic follows:

In FY 22-23, astir 7.25 lakh fraud incidents took spot worthy Rs 573 crore, portion successful FY 2023-24, it was 13.42 lakh cases of Rs 1,087 crore and successful FY 2024-25 (till September), determination were 6.32 lakh cases worthy Rs 485 crore.

"To forestall payment-related frauds including UPI transaction frauds, assorted initiatives person been taken by the Government, RBI and National Payments Corporation of India (NPCI) from clip to time. These, inter alia, see instrumentality binding betwixt lawsuit mobile fig and the device, 2 origin authentication done PIN, regular transaction limit, limits and curbs connected usage cases etc. Further, NPCI provides a fraud monitoring solution to each the banks to alteration them to alert and diminution transactions for fraud mitigation by utilizing AI/ML based models. RBI and Banks person besides been taking consciousness campaigns done abbreviated SMS, vigor campaign, publicity connected prevention of ‘cyber-crime’ etc," the Finance Minister said.

The Ministry of Home Affairs (MHA) has besides launched a National Cybercrime Reporting Portal (www.cybercrime.gov.in) arsenic good arsenic a National Cybercrime Helpline Number ”1930”. 

The Department of Telecommunications has released the Digital Intelligence Platform (DIP) and the 'Chakshu' diagnostic connected the Sanchar Saathi tract (https://sanchar.gov.in). 'Chakshu' allows individuals to study suspected scam communications via phone, SMS, oregon WhatsApp messages with the extremity to deceive, specified arsenic KYC expiration oregon slope relationship updates, etc.

Meanwhile, RBI is besides collaborating with assorted applicable stakeholders for expanding the outreach of UPI done pursuing modes:
i. Interlinking of UPI with Fast Payment System (FPS) of different countries for personal
remittances connected reciprocal basis.
ii. Acceptance of UPI Apps via QR codes astatine merchant locations overseas and vice-versa.
iii. Deployment of UPI-like infrastructure successful different countries.

Speaking astir the NPA successful India, Sitharaman said successful Parliament that the cardinal authorities has completed the betterment of Rs 1,23,299 crore from NPAs during the fiscal twelvemonth 2023-24. zeebiz.com/economy-infra/news-sbi-pnb-bank-of-india-government-completes-npa-recovery-of-rs-123299-crore-in-fy23-24-says-finance-minister-nirmala-sitharaman-gross-328299