India, Feb. 26 -- India's surge in mobile payments has also led to a rise in UPI scams, necessitating increased vigilance and proactive preventive measures.

The extent of monetary loss due to Unified Payments Interface (UPI) scams in India is quite alarming, though it is challenging to capture the total figure accurately. A striking example of this is an incident in Mumbai in 2023, where a sophisticated KYC scam led to the loss of about Rs 1 crore from 81 individuals. This scam involved fraudsters mistakenly transferring money to victims' accounts and then persuading them to return it, only to hack into their bank accounts upon the return of the funds. This case is just one among many, showcasing the severity of such scams.

Furthermore,...