Security of Debit Cards and UPI powered mobile transactions in India


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UPI, BHIM apps hacked? Banks are witnessing breaches but some aren't reporting them

  • The government-launched payments apps UPI and BHIM may be vulnerable to security glitches and banks have witnessed instances of fake transactions,sources tell Moneycontrol.They say that the apps, launched with much fanfare amid the government's drive to promote cashless payments, have witnessed"fake transactions" -- most of which, however, are of low value.

  • "The loss isnt big yet, said a person aware of the development, adding thatmost banks are not reporting such cases.

  • In January, just a week after the launch of BHIM app, there were reports of bug and unknown money transfer requests to bank customers.A week ago, state-owned Bank of Maharashtra (BoM) filed a First Information Report with the police in Pune against 50 people for illegally pulling money using the UPI app and causing a loss of Rs 6.14 crore to the bank.Two other private banks are also said to have witnessed some breaches but have not reported.

  • The names of the banks could not be identified.In BoMs case, fraudsters are said to have exploited a coding flaw in the UPI app developed by Mumbai-based Infrasoft Technologies.The 50 accused sent various money transfer requests of up to Rs 1 lakh each over a period of 48 days to accounts held with BoM through UPI.An Infrasoft spokesperson said, We have reported losses from December 1 but we got to know about it on January 18.