Zero-fraud objective must to maintain public trust: RBI DG

While fraud in payment systems including credit cards and Unified Payments Interface (UPI) remain low, the ecosystem must pursue a zero-fraud objective to remain vigilant and build setups that minimise frauds and maintain public trust, said T Rabi Sankar, Deputy Governor, Reserve Bank of India, on Friday

- ANJALI KUMARI

Speaking at Indian Banks’ Association's 21st annual banking technology conference, expo & citations, he said, “If you look at frauds... It used to be quite high for cards but the numbers are coming down. The incidents of frauds in UPI are just about 0.68... transactions per 100,000 transactions.”