Consumer Protection In India’s Digital Payment Ecosystem: A Study Of Fraud And Regulatory Response

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Prashasthi Poovaiah K, JSS Law College, Mysuru

ABSTRACT

India’s transition toward a digital economy has significantly transformed the way financial transactions are conducted. With the widespread adoption of platforms such as the Unified Payments Interface (UPI), mobile wallets, and internet banking, digital payments have become an indispensable part of everyday life. However, this rapid technological advancement has also led to a surge in digital payment frauds, posing serious challenges to consumer protection and financial security.

This article examines the evolving nature of digital payment frauds in India and critically analyses the regulatory framework developed by the Reserve Bank of India to address such risks. It further explores the concept of consumer liability in unauthorized electronic banking transactions and evaluates judicial responses to fraud-related disputes. The article argues that while India has a robust regulatory structure, gaps remain in enforcement, consumer awareness, and technological adaptability.

Keywords: Digital Payments, Consumer Protection, Banking Fraud, Cybersecurity, Financial Fraud, Electronic Transaction.

562. CONSUMER PROTECTION IN INDIA’S DIGITAL PAYMENT ECOSYSTEM- A STUDY OF FRAUD AND REGULA

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