Cyber Fraud and Digital Payment Security Regulations

ABSTRACT
With the rapid growth of technology, digital payment systems such as mobile banking, QR codes, and Unified Payments Interface (UPI) have become an essential part of everyday transactions including shopping and basic purchases. However, this increasing dependence on digital platforms has also led to a rise in cyber frauds, including online financial fraud, identity theft, spyware attacks, and other forms of cybercrime targeting users through applications, browsers, and websites. As a result, there is a need for secure digital payment systems to safeguard users from emerging cyber threats. This study examines the regulatory framework governing cyber fraud and digital payment security in India. It analyzes key legal provisions such as the Information Technology Act, 2000 and Digital payments security guidelines issued by the Reserve Bank of India. Although India has a strong legal framework to address cyber fraud, there are certain gaps in the provisions. This study focuses on identifying these gaps and evaluating the need for strengthening the regulatory framework to protect the users from any kind of cyber fraud and ensure greater security in digital transactions.