As UPI transactions hit record-high, it's time to get your guard up

2023 turned out to be a landmark year for UPI (Unified Payments Interface) with the number of transactions crossing the 100-billion mark for the first time, according to the latest data released by the NPCI. The month of December alone saw more than 12 billion transactions. These numbers are testament to how UPI has revolutionized the way we use money. 

As of now, there are more than 300 million users in India are using UPI to freely carry out their financial transactions with each other.  

But did you know that your bank can block your account without a warning or any explanation based on your UPI transactions? 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 still haven't managed 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 of financial crimes even harder. 

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