UP, Gujarat, West Bengal contribute to more than 30% UPI frauds in India

NPCI takes only an average of 24 hours to respond to frauds

Last month, India achieved a historic milestone of 10 billion Unified Payment Interface (UPI) transactions. But there is a flipside to it. The rise in UPI usage has meant an increasing incidence of frauds. According to an industry estimate, more than 30 per cent of UPI-related fraud cases originate from three states — Uttar Pradesh, Gujarat, and West Bengal.

Of the total reported digital payment frauds, close to 55 per cent were related to UPI, a Praxis report published in May revealed.

However, close to 50 per cent of the frauds consisted of a ticket size less than Rs 10,000.