India saw 18,167 QR code-based frauds in Apr-Sept involving INR 222 mln
This story was originally published at 14:14 IST on 9 December 2024
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NEW DELHI – India witnessed 18,167 incidents of digital financial fraud, involving INR 222.2 million, through QR codes in the first half of 2024-25 (Apr-Mar), Minister of State for Finance Pankaj Chaudhary informed the Parliament on Monday.
"With increasing digital payment transactions in the country, incidences of digital financial frauds, including QR code frauds, have also gone up in the last few years," Chaudhary said in a written reply to the Lok Sabha. In FY24, 39,638 cases of QR code-based frauds were reported involving INR 563.4 million, Chaudhary said.
The number of QR code-based frauds in FY24 was 30.6% higher than the 30,340 cases reported the previous year. The frauds in FY23 involved an amount of INR 417.3 million.
Chaudhary said that the government, the Reserve Bank of India, and National Payments Corp. of India have taken various steps from time to time to prevent payment-related frauds, including QR code-based frauds. These measures include device binding between the customer mobile number and the device, two-factor authentication through personal identification number, daily transaction limits, and curbs on use cases, Chaudary said. End
Reported by Shubham Rana
Edited by Namrata Rao
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