UPI or the Unified Payments Interface has revolutionised the way we use money. So much so that we don't think twice about freely accept financial connections with strangers. Since its launch seven years ago, 300 million users in India are on the UPI platform freely carrying out financial transactions.
But did you know that your bank can block your account without a warning or any explanation? And what's worst, you could even come under the radar of law enforcement authorities like the cyber crime police. Anyone who unknowingly makes a transaction, directly or indirectly, with a fraudster can be considered suspicious by authorities.
Meanwhile, banks and law enforcement agencies are yet to figure out a standard operating procedure in dealing with such matters. This had led them to adopt a ‘block first, ask questions later’ approach that's been making the lives of innocent victims even harder.
Tune in to find out more.
Recommendation
On the UPI social network, who do you ‘know’? And who do ‘they know’?
Daybreak is produced from the newsroom of The Ken, India’s first subscriber-only business news platform. Subscribe for more exclusive, deeply-reported, and analytical business stories.
