Government’s Innovative Step to Tackle Digital Payment Fraud

 As per the RBI Annual Report 2022-23, banks witnessed the highest number of fraudulent transactions in the digital payment category during the fiscal year 2022–2023. There were 13,530 fraud cases reported in the banking system highlighting the urgency of effective measures.


In response to this surge in online payment fraud, the government is considering implementing a time limit of four hours for first-time digital transactions between two individuals for an amount over Rs 2,000. While addressing cybersecurity concerns, this initiative aims to enhance security in digital payments.

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