UPI and Credit Card Frauds are High?, 47 Percent in 3 years, Half Of the People are Victims of Financial Fraud?
Mumbai :
In the past three years, 47 percent of people in the country have been victims of financial fraud
It was revealed in a report. A survey of local circles revealed that they or their family members have been victims of financial fraud one or more times.
UPI and credit card frauds are the most common. 23,000 people from 302 districts across the country participated in this survey. 62 percent of them are men and 38 percent are women. He said that more than half of the people have put unauthorized charges on their credit cards by domestic and foreign merchants and website companies. 43 percent of those who participated in the survey said that they or their family members have been cheated in credit card transactions and 36 percent have lost in UPI transactions. Four out of every 10 people who have been duped in urban areas have had money transferred from their account unknowingly because of a link or QR code sent to accept a payment. In the last three years, one out of every two people in urban areas have been subjected to unauthorized charges. 53 percent claimed to have faced such scams. According to the Local Circles report, RBI, UPI and credit card issuing banks need to take more protective measures to prevent such financial frauds.
Local Circles said consumers’ credit card data is readily available for sale through thousands of data vendors across the country.
Personal information such as PAN card, Aadhaar, mobile number, email, address are easily available in databases for sale. This revealed that financial fraudsters are defrauding people easily. In the financial year 2023-24, banking frauds have increased by a record 300 percent to 36,075, according to a recent RBI report. It revealed that total cyber frauds have increased by 700 percent in the last two years. While there were 3,596 card and online frauds in 2021-22, the number increased to 29,082 in 2023-24.
