India, April 13 -- Fast digital payments are one of the backbones of India's financial ecosystem. As per RBI data, digital payments have increased by 38-fold, while transaction value has more than tripled in the past decade. This rapid increase in instantaneous digital payments has also led to an increase in digital scams or the Authorised Push Payment scams. To address this issue and prevent scammers from defrauding unsuspecting users of their hard-earned money, the Reserve Bank of India (RBI) has proposed introducing a one-hour delay for instantaneous digital transfers.

For the unversed, Authorised Push Payment (APP) scams are the scams in which fraudsters trick individuals into transferring money directly and voluntarily to them by po...