Digital Payment Frauds In India: A Critical Analysis Of RBI’s Regulatory Framework & Effectiveness
- IJLLR Journal
- 13 hours ago
- 1 min read
Askina Gohain, LL.M, Amity University, Noida
ABSTRACT
“We live in the digital age, where cash is disappearing, and clicks are replacing coins—but with this convenience comes the rising threat of digital payment frauds, turning every transaction into a potential risk.”
The growth of digital payments in India has not just improved accessibility and convenience. Also, incidents of fraud are becoming a regular occurrence which raises questions of consumer protection and financial security. In this paper, we analyse and criticize the regulatory framework of the RBI (Reserve Bank of India) with respect to frauds and the digital payment. The review highlights important regulations such as the Act of 2007 on Payment and Settlement Systems, RBI Security Instructions and recent policies. The research shows the advantages and disadvantages of the existing method through case studies and contemporary trends with a complete recommendation of stricter regulation, better technology, and raised consumer alertness. The paper recommends improving the RBI policy by only emphasizing a robust digital payments ecosystem in India.
Keywords: Digital Payments, RBI Regulations, Cybersecurity, Fraud Prevention.
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