Covid-19-led digital adoption leading to rise in cyber frauds: Report

UPI transactions crossed 1.49 billion in volume and $41 billion in transaction value in July

Even as the Covid-19 pandemic forces consumers to opt for digital payments, there has been a rapid rise in cybercrimes such as web-skimming, malware campaigns and phishing scams in the country, a report on Fraud & Risk Management in Digital Payments by the Data Security Council of India (DSCI) and Paypal said on Wednesday.
 

In July 2020, UPI transactions in India crossed 1.49 billion in volume and $41 billion in transaction value. This, coupled with an increase in smartphone penetration and mobile internet access, has made India one of the fastest-growing countries adopting digital payments in the world, it added.