Link UPI app to bank account having limited funds; set daily limits

Indians have lost Rs 485 crore to frauds on the Unified Payments Interface (UPI) across 6,32,000 incidents reported until September of the current financial year, according to data from the Ministry of Finance.

“Post-Covid, UPI transaction volumes have grown significantly due to the convenience UPI offers in undertaking both large and small transactions. But UPI frauds also tend to impact many people due to its massive user base,” says Vikram Babbar, partner, EY forensic and integrity services–financial services.