Cybersecurity Challenges in Digital Payments: A UPI Fraud Case Study from India
Dr. Prashant Wadkar1*, Dr. Shivaji Mundhe2, Dr. Sachin Misal3, Dr. Mahesh Mahankal4
Abstract
As the adoption of digital payment systems grows rapidly in India, concerns regarding the security and integrity of these platforms have become increasingly prominent. This research paper presents a detailed case study focused on a victim of UPI (Unified Payments Interface) fraud within the private sector banking domain in India. The study aims to investigate the specific circumstances surrounding the fraudulent incident, shedding light on the modus operandi, vulnerabilities, and challenges faced by both the victim and the banking institution. The research employs a qualitative approach, utilizing interviews, surveys, and document analysis to gather comprehensive data. The victim’s experiences, perceptions, and actions during and after the fraudulent incident are examined, providing valuable insights into the emotional and financial repercussions of UPI fraud. Additionally, the study delves into the response mechanisms employed by the private sector bank, scrutinizing their effectiveness in addressing and mitigating the aftermath of the fraud. Key areas of investigation include the identification of loopholes in the UPI security framework, the role of customer awareness and education in fraud prevention, and the effectiveness of the bank’s fraud detection and resolution mechanisms. The paper also explores the broader implications of UPI fraud on customer trust and confidence in digital payment systems, offering recommendations for enhancing the security infrastructure and risk management strategies within private sector banks. The findings of this research contribute to the growing body of knowledge surrounding digital payment security in India, offering valuable insights for both financial institutions and policymakers. By understanding the intricacies of UPI fraud and its impact on victims, stakeholders can work collaboratively to fortify the security measures of digital payment platforms and create a more resilient and secure financial ecosystem in the country.
Keywords:
Cyber Security, Unified Payments Interface (UPI), Cyber Security, Cyber security awareness, pre and post situations of UPI Payment frauds, role of NPCI in UPI, Role on RBI in UPI, Artificial Intelligence, Machine Learning.
