wordpress blog stats
Connect with us

Hi, what are you looking for?

Once again fraudsters take advantage of loopholes in BHIM and UPI

Two people, including a former Axis Bank employee, have been arrested on charges of financial fraud for stealing Rs 45 lakh from nine Axis Bank customers by taking advantage of the loopholes in the Bharat Interface for Money (BHIM) app and the Unified Payments Interface (UPI) payments system, reports The Times of India. The report mentions that the perpetrators first extracted customers' 16-digit debit card number, expiry date, mobile number and address. Using this information they filed a fake lost SIM card complaint at a police station, following which they approached the telecom company with a copy of the police complaint and placed a request for a new SIM card. Since the perpetrators had all the requisite information, a new SIM card would be issued. This automatically invalidated the old SIM card, which would stop working. They would insert the new SIM in a phone, download the BHIM app, enter debit card number, and receive the OTP on the registered number to steal money. Apparently, 240 such transactions worth Rs 45 lakh were performed over 40 days. This troubling news comes at a time when, as per data published by the National Payments Corporation of India (which owns and operates payments systems such as UPI and IMPS): a) UPI saw a 31% growth in the total transaction volumes between April 2017 and May 2017, while the amount transacted increased by 23% on a monthly basis to Rs 2,765.3 crore, b) the BHIM app saw a transaction volume of  2.49 million for the month of…

Please subscribe/login to read the full story.
Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

News

RBI Deputy Governor Rabi Shankar called for self-regulation in the fintech sector, but here's why we disagree with his stance.

News

Both the IT Minister and the IT Minister of State have chosen to avoid the actual concerns raised, and have instead defended against lesser...

News

The Central Board of Film Certification found power outside the Cinematograph Act and came to be known as the Censor Board. Are OTT self-regulating...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ