India has launched a sharp clampdown on online payment scams, ordering tougher checks and new rules that aim to cut the rising tide of fraud. Based on reports, regulators and payment networks moved after authorities recorded big jumps in both the number of cases and the money lost to scams last year.

India: RBI And NPCI Move Fast

Regulators have pushed several changes into the banking and payments system. According to published figures, incidents tied to Unified Payments Interface or UPI more than doubled from about 7.25 lakh ($8,700) to 13.42 lakh ($16,200) in fiscal year 2023-24.

Reported losses rose too, from ₹573 crore ($69 million) the year before to ₹1,087 crore ($131 million) in 2023-24. The central bank has allowed risk-based additional checks for certain transactions, and N

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