How do we handle UPI Mobile app security and Real time payments Fraud?
UPI is arguably the first of its kind real time payment eco system with a four party model in the world. In 2020 as per NPCI, UPI has crossed 1.3 Bn transactions per month worth 2.22 lakh crores of INR. Unarguably the world’s fastest growing immediate payment platform with 146 banks participants. Even though UPI is trusted by millions of end users and hardened by the central regulatory system NPCI, new mode of attacks are being mounted day in and day out.
Top 3 challenges?
- Creating fraudulent VPA
- Impersonating merchant transactions for collect request
- Customer Device details hijacking
Whats at Stake?
- Reputation and financial Loss for the bank
- Regulatory compliance
- customers and Stakeholders trust