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Saturday, December 16, 2023

Online payment of more than Rs 2 thousand will take 4 hours! Government's preparation to stop online fraud

Rs 2 thousand online fraud

In the event that you also make payments online, there is noteworthy news. The government is getting ready to introduce some regulations pertaining to the first transaction between two individuals in order to stop fraud in online payments.

This establishes a minimum amount for transactions between two individuals that happen for the first time.

The initial transaction between two people involving more than Rs 2,000 could be delayed by four hours if the new regulations are implemented.

This implies that if you are sending someone more than Rs 2,000 for the first time, the money will arrive in 4 hours.

This will make things difficult for people who transact digitally. Even though digital payments may be declining, authorities believe it's critical to lower cyber fraud.

Online payment of more than Rs 2 thousand will take 4 hours! Government's preparation to stop online fraud

The Indian Express story claims that the government is considering lengthening the time it takes for a first transaction to occur between two individuals.

The initial online payment of more than Rs 2,000 may be subject to a 4-hour time limit. In addition to delaying UPI payments, this may also apply to Real Time Gross Settlement (RTGS) and Immediate Payment Service (IMPS).

Recall that the maximum amount that can be transferred in the first 24 hours after opening a UPI account is Rs 5,000.

In addition, the user has the ability to transfer up to Rs 50,000 during the first 24 hours of activating NEFT. If the new rule is implemented, it will take four hours if two persons are transacting for the first time and send and receive a digital payment totaling more than Rs 2,000.

The research, which cites the RBI's 2022–23 report, claims that the category of digital payments in banks has seen the greatest number of fraud reports.

Fraud totaling Rs 30,252 crore was implicated in 13,530 cases. Approximately 49% of these occurrences involved digital payments.

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