UPI fraud prevention

Banks moot 'Yes-No' prompt for UPI transfers

Mumbai: India's high-street banks want to strike a balance between adding friction in online payments to curb frauds and preserving the widely showcased digital payment story.A number of them are proposing a software tweak for the payment app to throw up a prompt, seeking a go-ahead from the payer before the beneficiary's account is credited in peer-to-peer (P2P) transactions. If a customer says 'Yes', the payment is executed within seconds; if she says 'No', the transaction is cancelled; and, if she says nothing, the money-transfer goes through and the beneficiary's account gets credited afte

Banks propose 'Yes-No' prompt for high-risk UPI transfers to curb digital payment frauds

Mumbai: India's high-street banks want to strike a balance between adding friction in online payments to curb frauds and preserving the widely showcased digital payment story.A number of them are proposing a software tweak for the payment app to throw up a prompt, seeking a go-ahead from the payer before the beneficiary's account is credited in peer-to-peer (P2P) transactions. If a customer says 'Yes', the payment is executed within seconds; if she says 'No', the transaction is cancelled; and, if she says nothing, the money-transfer goes through and the beneficiary's account gets credited afte

Bhopal Sees New UPI Fraud Pattern As Phones Allegedly Reset Before Accounts Are Emptied