Looking at a broader timeline, from 2022-23 to the present, over 27 lakh fraud cases have been recorded, leading to a cumulative loss of Rs 2,145 crore. In the financial year 2023-24 alone, more than 13 lakh people fell victim to such frauds, incurring losses of Rs 1,087 crore. A Digital Crime (DC) report attributes this alarming increase to the growing number of UPI users and the surge in real-time payment transactions.

In response, the Finance Ministry emphasized the need for India to balance the promotion of fintech innovation with strict regulatory compliance to curb fraud. As one of the world’s largest and fastest-growing fintech markets, India aims to maintain its momentum in advancing financial inclusion while addressing vulnerabilities in the system.

Highlighting an 85% increase in UPI fraud cases this financial year, the Ministry stressed the importance of financial literacy for all age groups. It also called for enhanced regulatory measures to counter emerging threats like data breaches and financial scams, ensuring robust safeguards against these challenges.

SBI has told its customers not to reply to any such fraudulent messages. Nor give them any of your personal information, OTP or account related information. If you answer these you may get into trouble. These messages are being sent by fraudsters. Who has cleared the bank accounts of many people.

What is written in the message?

In the messages being sent by fraudsters in the name of the bank, it is written that dear account holder, your account will be blocked. To update PAN card, click on the given link. You may also receive mails like this. To which you do not have to answer. This is a method of fraud. Due to which many people have been defrauded of lakhs.

What to do

If you are also getting such messages, you can report by going to report.phishing@sbi.co.in. Along with this, complaint can also be made on cyber crime helpline number 1930. Complaint can also be made through the official website of Cyber Crime Branch https://cybercrime.gov.in/.

What to do if fraud occurs?

If such a fraud ever happens to you, then first of all file a complaint. So that your entire money is returned. According to RBI guidelines, first inform your bank about this. After which you can avoid fraud. Because banks take insurance policies for cyber fraud. When you give information, the bank will send that information to the insurance company. So that your entire money can be returned.