UPI-related scams account for 55% of total digital payments frauds in India
Most of the UPI-related frauds, however, have a low ticket size. According to “The Anatomy of Fraud 2023” report by digital solutions platform Bureau and consultancy firm Praxis, 50 per cent of these have an average ticket size of less than Rs 10,000. Another 48 per cent have a ticket size between 10,000 and 1,00,000. Only two per cent of these frauds have a ticket size of Rs 1,00,000.
Moreover, internet penetration in India is expected to jump from 879 million users in 2022 to 1.14 billion in 2027. The number of digital payments is expected to grow 74 per cent from 2022 to 2027, the report added.
Among all the frauds, identity-related frauds held the highest share in most industries. 65 per cent of all frauds in financial services were account-related in 2021. These include account takeover and account creation. 54 per cent of frauds in the e-commerce industry were account-related.
Moreover, 60 per cent of the organisations surveyed stated that they will increase their spending on fraud detection and prevention in the next two years.