Govt to foolproof digital payment system to curb online fraud
In FY 2022-23 the banks have reported the highest-ever frauds in the digital payment category
Updated: Nov 29th, 2023
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‘Digital India’ has created its own challenges, as cyber frauds continue to rise in the country. The Centre has now decided to address the issue and ensure the safety of the digital payments.
For that, the government is considering to increase the time taken to complete a transaction between the two first-time users. That would mean that the first transaction between two users may take four hours.
According to officials, the new process with a longer duration may discourage some of the users from utilising digital payment, however, it is necessary to implement keeping in mind the seriousness of the cybersecurity.
Along with that, an increased time for the first transaction after a Unified Payments Interface (UPI) account is first created is also likely to be implemented.
Right now, as a safety precaution, a user can send a maximum of ₹5,000 for the first 24 hours of creating the account through UPI. For National Electronic Funds Transfer (NEFT), the limit is set at ₹50,000.
If successful, the same changes will be made to Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS), too.
In FY 2022-23 the banks have reported the highest-ever frauds in the digital payment category. Reserve Bank of India’s annual report states that 13,530 cases of fraud were registered, amounting to ₹13,252 crores. Out of these 49% of the cases were registered in the ‘card-internet’ category.
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