New Delhi, Feb. 9 -- There is no denying the fact that Unified Payment Interface (UPI) has become quite pervasive and it is relied upon for most sundry transactions. In the past few years, most youngsters have switched from debit and credit cards to digital payments via UPI.

The latest NPCI data suggests that UPI achieved a new milestone of 16.99 billion transactions in a month amounting to Rs.23.48 lakh crore in January 2025.

As a result of the common usage, number of frauds has also seen a major spike in the recent past. In FY 2023-24, number of fraud cases in the banking sector rose by nearly 300 percent in two years to hit 36,075 cases, RBI data revealed.

Also, fraud cases rose 27 per cent year-on-year to a total of 18,461 cases in...