During the period of April-September, UPI transactions in India experienced a significant increase in both value and volume.

The value of transactions rose by 34.5% to reach Rs 122 lakh crore, compared to Rs 90.7 lakh crore in the same period last year.

The volume of transactions also saw a notable increase of 46%, totaling 8,566.52 crore.

However, this rise in transactions has been accompanied by a concerning number of fraud cases, with 6.32 lakh incidents reported, amounting to Rs 485 crore.

To address this issue, the government, along with the Reserve Bank of India and the National Payments Corporation of India (NPCI), has implemented various measures to combat payment fraud.

These measures include device binding, two-factor authentication via PIN, and daily transaction limits.

Additionally, NPCI has introduced a fraud-monitoring solution for banks that utilizes AI and machine learning models to effectively detect and prevent fraudulent transactions.