The sheer number and variety of digital frauds is astounding. It’s fair to assume that things will only get much worse from here, thanks to AI. Both SEBI and RBI are trying to educate people and implement measures to combat these frauds.

SEBI has published a consultation paper proposing unique UPI IDs for brokers to ensure that investors transfer money only to SEBI-registered brokers and not to scammers using UPI IDs with broker names. Yesterday, the RBI announced that it would implement the “bank.in” domain exclusively for Indian banks, aiming to counter the numerous phishing sites that mimic legitimate bank websites.

Another major nuisance, apart from payment and website fraud, is the proliferation of fake apps that mimic banks, brokers, and payment apps. Something needs to be done about these apps too.

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