Abstract
In India, Government receives around 61,000 reports of fraud every month, and half of them about 33,000 are related to the Unified Payment Interface(UPI).
According to data sources, 42% of Indians experienced financial fraud in the last three years.
This raises a moral question about the existence of UPI as an easy payment method or a tool to exploit.
What to do?
There are three significant things that can be done
- Visual Changes
- Central Fraud reporting API
- Making reporting fraud seamless
Visual Changes
A list of some visual changes that can be added to the current UPI interface :
- Differentiate send and receive screens.
- Provide real-time fraud scores in the interface.
Central Fraud reporting API
- Send fraud report link in each transaction SMS.
- Provide API to report fraud to all banks, NBFC( Non-Banking Financial Company), and UPI apps.
- Make the database of all fraud accounts, bank branch details, UPI details, PAN(optional), and Contact details.
- Maintain fraud score of every account
- Withheld balance and reverify in case of fraud suspect.
Making reporting fraud seamless
- Send area-wise fraud reports to authorities every day for Accounts and Banks branches.
- Issue warnings in case of predefined limits and block accounts when the final limit is crossed.









