UPI users alert: Staggering Rs 485 crore lost to fraud in the first half of 2024-25

With the rise of internet usage, most people now make digital payments. However, in the last six months, there have been about Rs 485 crore in fraud cases involving UPI.

The popularity of digital payments in India has skyrocketed, especially with the rise of smartphones and the Internet. Every year, more and more people are using online payment methods like UPI (Unified Payments Interface). While these digital payment systems offer great convenience, they also come with significant risks. Unfortunately, online scams and fraud cases have been increasing rapidly.

Shocking Figures on Fraud

A recent report revealed that in the first half of the year 2024-25, Indians lost around Rs 485 crore (4.85 billion) due to online fraud related to UPI payments. According to the Ministry of Finance, there were over 6,32,000 incidents of fraud reported in this period alone.

Looking back at previous years, in 2022-23, about 2.7 million people were victims of online payment scams, losing a staggering Rs 2,145 crore. In the following year, from 2023-24, more than 1.3 million fraud cases were logged, resulting in losses of Rs 1,087 crore.

Government's Response

The government has acknowledged that the rise in UPI fraud is closely tied to the increasing number of users. On Tuesday, the Finance Ministry stated that they are making continuous efforts to combat online fraud. They mentioned the need to find a balance between encouraging new technological innovations in financial services and ensuring that rules and regulations are followed to protect users.

In simple terms, while we embrace the benefits of digital payments, we must also be cautious and informed to avoid falling victim to scams.

Meanwhile, the government has issued a warning to Apple iPhone users regarding a significant issue that could jeopardize their personal data. According to the Cyber Emergency Response Team (CERT-In), various Apple products—including iPhones, iPads, Macs, and the Safari web browser—may be impacted. To safeguard your personal information, it is essential to update your Apple devices with the latest security software as soon as possible.

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