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Fraud & Risk Management in Digital Payments
Fraud & Risk Management in Digital Payments

October 5, 2020

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Digital Payments are ubiquitous in today’s connected world and have eased payments and transactions. In India, its immense growth can be attributed to technological advancements, Internet penetration, mobile phone uprise, online payment adoption by consumers, SMBs, banks alike, innovative solutions such as UPI, IMPS, wallet integration, etc., and presence of conducive environment by policymakers and Government to transform India into a less-cash economy.

However, the threat landscape has also grown dynamically as an unintended effect of the progressive momentum. This warrants attention from all stakeholders involved in the payment ecosystem to join hands and curb the growth of frauds and payment scams. This joint study is an attempt to address the emerging concerns and underlying causes.

This report outlines the key components and recommendations to the payment industry, customers, law enforcement and regulatory bodies. The objective is to initiate discussions and develop solutions for real-time fraud prevention and mitigation strategies.

In order to find the right balance between enablement and protection, it is critical that a collaborative effort be undertaken by all stakeholders involved, to establish a comprehensive fraud management framework for digital payments in India.

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