Regulation & Policy

India Boosts Digital Payment Security: New Anti-Fraud Rules Emerge

India Boosts Digital Payment Security: New Anti-Fraud Rules Emerge

India is taking a significant step forward in securing its rapidly expanding digital payments landscape. Faced with a concerning surge in online payment fraud, authorities have introduced a series of stringent measures and new regulations designed to protect consumers and financial institutions alike. These proactive steps come in response to alarming reports detailing a substantial increase in both the volume of fraud cases and the total financial losses incurred last year, underscoring the urgent need for enhanced security protocols. RBI And NPCI Lead The Charge Against Fraud The Reserve Bank of India (RBI), the nation's central banking institution, and the National Payments Corporation of India (NPCI), which operates the country's retail payments and settlement systems, have been quick to implement pivotal changes within the banking and payments ecosystem. Data reveals a stark picture: incidents related to the popular Unified Payments Interface (UPI) more than doubled from ap…

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