What's the news: UPI-related fraud complaints contributed to over 35 percent of the overall number of complaints reported on the National Cybercrime Reporting Portal (NCRP) for the second quarter (April to June) of 2022, according to a report by the Indian Cyber Crime Coordination Centre, MoneyControl reported. The total cyber crime complaints reported in Q2 2022 was 2,37,658, of which UPI fraud was 84,145. Why does this matter: UPI is the most widely used digital payment method in India with more than half the market share. And while the government keeps touting the success of UPI, the NCRP report reminds us that there are still many security shortcomings that need to be addressed. A rising trend: The total number of cybercrime complaints saw a 15.3 percent rise from 2,06,198 complaints reported in Q1 2022 to 2,37,658 in Q2. The total number of UPI frauds saw a 35 percent jump from 62,350 in Q1 2022 to 84,145 in Q2. "Technological advancements and the COVID-19 pandemic have also accelerated the reliance on digital platforms to perform daily and essential activities, making users increasingly susceptible to cyber threats," the report reasoned. Financial frauds make the lion's share: According to the report, the top 2 cybercrimes affecting citizens are: Online Financial Frauds - 67.9% Online and Social Media related Crimes - 13.4% Financial fraud breakdown: While UPI frauds are the leading contributor under financial frauds, the following are the other major contributors: Debit/Credit/Sim Swap Fraud complaints - 26,793 in Q2 2022 (11.3 percent of overall) Internet Banking Fraud complaints - 19,267 in…
