Fraud in digital payment: The government is going to take big steps to stop fraud in online payment. The government can set a minimum deadline for this.Â
For the first transaction of more than Rs 2000 between two people, a time limit of 4 hours can be fixed. Let us know about it in detail.
The government can take big steps to stop fraud in digital payment. The government is planning to set a minimum time limit for first-time transactions above a particular amount between two individuals. It also includes a possible 4 hour window for the first transaction of more than Rs 2000 between two users.
The Indian Express has given this information in its report quoting government officials. Officials believe that this will reduce cyber fraud. However, this may also lead to some reduction in digital payments.
4 hour window for first transaction
According to the report, the government is considering increasing the minimum time taken for a first-time transaction between two people. According to this, the time limit for the first online payment transaction of more than Rs 2000 between two people may be 4 hours. Digital payments made through Immediate Payment Service (IMPS), Real Time Gross Settlement (RTGD) and even UPI may come under its purview.
Expected to be discussed in the meeting
Quoting a senior government official, the report said that discussions may take place in a meeting to be held on Wednesday with industry stakeholders including RBI, government, public and private sector banks, tech companies like Google and Razorpay.
Highest digital payment fraud in the last financial year
Banks have noticed the highest number of frauds in digital payments in the financial year 2022-23. This has been said in the annual report 2022-23 of RBI. A total of 13,530 fraud cases were registered in banks in the last financial year. In these cases, fraud of Rs 30,252 crore was done. Recently, UCO Bank had credited Rs 820 crore to the accounts of its account holders through IMPS.
