Online frauds menace: Govt plans to impose 4-hour time limit to reverse, modify first-time digital payment transactions, check details
Online frauds menace : An upward trend in online payment frauds have indeed been a concern in India. The rise in digital transactions and the increasing adoption of online payment methods have provided more opportunities for cybercriminals to exploit vulnerabilities.
The growing popularity of digital payment methods, including UPI, mobile wallets, and online banking, has expanded the attack surface for cybercriminals, therefore in order to combat the online payment frauds in India; government is considering imposing time limit on first-time digital payment transactions between two users.
As per the media reports, government may roll out a four-hour window for the first transaction between two users for online transactions exceeding 2,000.
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The 4-hour window time would be included in all digital payment platforms such as the Unified Payments Interface (UPI), Immediate Payment Service (IMPS) and Real Time Gross Settlement (RTGS).
1. 4-hour window time will work every time a user will make their first ever payment
2. The new plan of government will work on payments of more than Rs 2,000
3. During 4-hour time window, user can reverse or modify payments made to a new user
Secure your UPI PIN: Your UPI PIN is a crucial element for completing transactions. Keep it confidential and never share it with anyone.
Use Authorized Apps: Use only official and authorized UPI apps from trusted sources, such as your bank or financial institution
Regularly Update Apps: Ensure that you regularly update your UPI apps to benefit from the latest security features and patches.
Enable Two-Factor Authentication (2FA): If your UPI app supports additional security features, such as two-factor authentication, enable them for an extra layer of protection. This might involve receiving an OTP (One-Time Password) or using biometric authentication in addition to your PIN.
Monitor Transactions: Regularly review your transaction history to identify any unauthorized or suspicious activities.
Notably, according to the RBI annual report 2022-23, banks have witnessed maximum number of frauds in digital payment category during the fiscal ended 2023-24.
- With inputs from agencies
