According to TrustCheckr, a fraud data insights and analytics startup, the majority of UPI scams occur on payment apps and market places, with eastern India accounting for 41% of fraud distribution. Some of the most vulnerable states include West Bengal, Odisha, Bihar, Assam, Kashmir, Arunachal Pradesh, Meghalaya, Tripura, Nagaland, Mizoram, Manipur, Himachal Pradesh, and Sikkim. KYC, fake cash-back, digital wallet frauds, fake sale, QR codes, UPI phishing, lottery scams, and financial fraud on social media are the some of the top digital frauds.
According to the findings of the survey, the top scammers were from Patna, Chandigarh, Kolkata, and Meerut for one of the most common payment apps (15%). Assam is the source of the majority of QR Code scams, accounting for 20% of the overall distribution.
As the pandemic has driven people to lean more toward contactless payments and lack of awareness and vulnerabilities in confidential card details are resulting in increase of digital frauds. In the last 15 months, TrustCheckr has found over a million frauds in both B2B and B2C.
The survey report of TrustCheckr are based on 3,50,000 data points gathered from top hashtags, 200 Twitter handles, partner data shared in the previous 12 months, and TrustCheckr’s proprietary social scanning technology.
Commenting on the survey findings, Adhip Ramesh, Founder, TrustCheckr, said “The common thread of digital payment frauds is phone number and email address. We check fraud signals with phone and email, validate the customer authenticity using historical fraud trends, fraud data sets, history and provide simple REST APIs with phone numbers as input, integration in less than 48 hours,”