NPCI, banks tie up to curb fraud in UPI

CHENNAI The National Payments Corporation of India (NPCI) is piloting a ‘federated model’ in collaboration with banks to eliminate frauds using UPI transactions.
India’s umbrella organisation for operating retail payments and settlement systems is also leveraging AI and machine learning tools to detect suspicious transactions through UPI. NPCI chief risk officer Viswanath Krishnamurthy said that NPCI and banks can share only customer scores between the two agencies.In March, 18.3 billion transactions valued at Rs 24 lakh crore were processed through UPI. There was a 35% year-on-year growth in volume and 25% year-on-year growth in terms of value.