New Delhi, March 12 -- The digital payments transactions including transactions through Unified Payment Interface (UPI) have increased consistently during the last five financial years.

In order to prevent payment related frauds including UPI transaction frauds, various initiatives have been taken by the Government, Reserve Bank of India (RBI) and National Payments Corporation of India (NPCI) from time to time. These includes device binding between customer mobile number and the device, two factor authentication through PIN, daily transaction limit, limits and curbs on use cases etc. Additionally, NPCI provides a fraud monitoring solution to all the banks to generate alerts and decline transactions by using AI/ML based models. RBI and Ba...