Legal liability for fraud in digital payments
In the first four months of 2024, ₹1,750 crore has been lost to cyber criminals. Victims are being targeted using online investment and trading scams, fake digital arrests, and OTP forwards, amongst others. During its annual conference in January, the Indian Cybercrime Coordination Centre (I4C, Ministry of Home Affairs) reported that while some proportion of […]
UPI databases should be interactive
UPI has seen record-breaking growth, with over 13 billion transactions recorded in April 2024 alone. Its popularity and ease of use have made it a target for fraudulent activities. In its Annual Press Conference, the Indian Cybercrime Coordination Centre (I4C, Ministry of Home Affairs) reported a rising trend of financial cybercrimes. The modus operandi (MO) […]
Ways to curb scams over UPI
Unified Payments Interface (UPI) has revolutionised the way India transacts. It has gained popularity across the country given its unparalleled convenience and efficiency when conducting small-value transactions like buying vegetables or paying a plumber. NPCI data show that a majority of the transactions, around 73 per cent, are peer-to-peer and the average value of transactions was […]
A Primer on Competition in the Digital Economy
