Can your UPI Be Hacked? The Cyber War Behind India’s Payment Lifeline
AI Summary
The video discusses the security and fraud concerns related to India’s UPI (Unified Payments Interface) system, which processes over 18 billion transactions monthly and is used by over 500 million Indians. Despite UPI’s strong security measures like encryption and two-factor authentication, users fall victim to fraud through phishing, fake apps, SIM swaps, and social engineering rather than hacking of the system itself. Statistics from fiscal year 2024 reveal fraud losses of 1,087 crore rupees. The video highlights measures by NPCI, RBI, and telecom companies using AI to combat fraud, such as real-time fraud alerts, device binding, SIM swap protections, and awareness campaigns. UPI is portrayed as a secure platform whose safety depends heavily on user awareness and good habits to prevent scams. The video ends by emphasizing the importance of educating vulnerable populations to safeguard against fraud and mentions the cultural relevance by connecting to the show “Special Ops 2.”