Express News Service
CHENNAI:Even as the National Payments Corporation of India (NCPI) disrupted digital payments business through the launch of the Unified Payments Interface (UPI) in 2016, the need for greater technology and restrictions to prevent fraudulent transactions through the platform has grown manifold, giving rise to risk management operations extended by fintech and payment technology firms like FSS.“There are a number of issues related to UPI-based transactions, and the main cause of all is the lack of mandates by the NPCI to service providers like Tez and PhonePe,” said Kislay Chaudhary, Cyber Crime Cell, Delhi Police.
Nearly 50-53 per cent of victims of UPI-based frauds are usually unaware of the existence of such a service and are conned by…
