Context:
Dilip Asbe, National Payments Corporation of India (NPCI) CEO, emphasized the need for a strong legal framework in order to combat growing financial cyber frauds and dissuade fraudulent activities.
He emphasized penalties at appropriate levels for cyber frauds and promoted more customer awareness to prevent frauds.
Key Highlights:
Number of Cases
- The rising UPI frauds have caused financial loss, as reported in FY25, 632,000 incidences reached up to ₹485 crore by September of this year .
- Cumulative losses stand at ₹22,145 crore due to over 2.7 million fraud incidents since 2022-23. In FY24 alone, 1.34 million fraud cases have resulted in losses of ₹1,087 crore.
Expansion of UPI Users
- As India’s real time payment system (UPI) continues to grow, there is a need for economic incentivization to expand the base of digitally engaged customers.
- Currently, over 450 million individuals use UPI for retail payments. That number could easily support processing 100-150 billion transactions per month.
