Jammu, March 24 -- In a shocking revelation that exposes the dark underbelly of India's digital payment boom, nearly 79 lakh fraud cases involving a staggering Rs. 4,109 crore have been reported over the past five years, raising serious concerns about the safety of online transactions.
Admitting to the alarming surge, Minister of State for Finance Pankaj Chaudhary said that the rapid expansion of digital payments, particularly through the Unified Payments Interface, has been accompanied by a sharp rise in fraudulent activities.
Citing data from the Reserve Bank of India, the Minister revealed that 79.05 lakh frauds were recorded in the last five financial years alone, exposing millions of users to financial losses.
The disclosure came in...