The unified payments interface (UPI) has been a stunning success. But the flip side of this is the rising instances of people being cheated when conducting online transactions. According to data from the Ministry of Home Affairs, UPI frauds contributed significantly to a 15.3% increase in the overall number of complaints reported on the National Cybercrime Reporting Portal (NCRP) between the first and second quarters of 2022.
While the overall number of registered complaints in the first quarter of 2022 was 206,198, it grew to 237,658 in the second quarter, representing a 15.3 percent rise.
Looking specifically at 'UPI fraud complaints,' a cyber crime category under NCRP, the number jumped from 62,350 in Q1 2022 to 84,145 in Q2 2022.