Payment frauds are rising sharply if the data from the Reserve Bank of India is any indication. Domestic payment frauds jumped by 70.64 per cent to Rs 2,604 crore during the six-month period ended March 2024 from Rs 1,526 crore in the same period of last year.

The volume of frauds also rose to 15.51 lakh during the March 2024 period from 11.5 lakh in the previous six-month period, RBI data shows.

While the RBI has considered only domestic financial transactions, the new format captures e-commerce transactions — transactions using FASTags, digital bill payments and card-to-card transfer through ATMs, etc. However, failed transactions, chargebacks, reversals, expired cards/ wallets, are excluded. Data on domestic payment fraud statistics is as reported by scheduled commercial banks (excluding RRBs), non-bank PPI issuers and non-bank credit card issuers in CPFIR (Central Payments Fraud Information Registry), it said.