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International Journal of Science, Strategic Management and Technology

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A STUDY ON AN ANALYSIS OF CYBER RISKS IN DIGITAL FINANCE WITH A FOCUS ON UPI PAYMENTS

AUTHORS:
VENISHETTY SAIRAGHAVA
T NIHARIKA REDDY
Mentor
Affiliation
Dept of MBA in Malla Reddy Engineering College and Management Sciences, Medchal, Hyderabad – 501 401.
DOI: 10.55041/ijsmt.v2i8.084
CC BY 4.0 License:
This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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Abstract
The growth of digital finance has transformed financial transactions in India, with the Unified Payments Interface (UPI) becoming a widely used payment mechanism. However, increasing activity has also created exposure to phishing, fake applications, OTP fraud, QR scams, identity theft, malware, SIM swapping, and unauthorized access. This study examines cyber risks associated with UPI payments, users’ cybersecurity awareness, security practices, and confidence in payment systems. Primary data from 100 UPI users were analysed using percentage analysis. Findings indicate that phishing is the leading reported threat, while awareness and security practices influence confidence. The study recommends stronger security measures and continuous user awareness.
Keywords
Unified Payments Interface (UPI) Cybersecurity Digital Payment Security Cyber Risks Digital Finance
Article Information
PUBLICATION DETAILS
Review Type:
Double-Blind Peer Review
License:
CC BY-NC 4.0
Volume/Issue:
Volume 02, Issue 8
Review Rounds:
2
Article Type:
Research Article
Publication Date:
Aug 27 2026
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SAIRAGHAVA, V. & REDDY, T. N. (2026). A STUDY ON AN ANALYSIS OF CYBER RISKS IN DIGITAL FINANCE WITH A FOCUS ON UPI PAYMENTS. International Journal of Science, Strategic Management and Technology, 02(8), 1-5. https://doi.org/10.55041/ijsmt.v2i8.084

SAIRAGHAVA, VENISHETTY, and T REDDY. "A STUDY ON AN ANALYSIS OF CYBER RISKS IN DIGITAL FINANCE WITH A FOCUS ON UPI PAYMENTS." International Journal of Science, Strategic Management and Technology, vol. 02, no. 8, 2026, pp. 1-5. doi:https://doi.org/10.55041/ijsmt.v2i8.084.

SAIRAGHAVA, VENISHETTY, and T REDDY. "A STUDY ON AN ANALYSIS OF CYBER RISKS IN DIGITAL FINANCE WITH A FOCUS ON UPI PAYMENTS." International Journal of Science, Strategic Management and Technology 02, no. 8 (2026): 1-5. https://doi.org/https://doi.org/10.55041/ijsmt.v2i8.084.

References

  1. Bhatia, R., & Arora, S. (2021). Cybersecurity and regulatory measures in India's digital payment ecosystem.

  2. Kumar, R., & Singh, A. (2020). Cybersecurity safeguards for digital payment systems in Indian banks.

  3. Patel, M., & Mehta, R. (2022). Customer awareness of cyber fraud in UPI transactions.

  4. Rao, S., & Nair, P. (2023). Cyber fraud trends in digital payment platforms with reference to UPI transactions.

  5. Reddy, V., & Thomas, K. (2024). Cyber risk management in India's digital banking ecosystem.

  6. Reserve Bank of India. (2021). Master direction on digital payment security controls. RBI.

  7. Reserve Bank of India. (2024). Master directions on cyber resilience and digital payment security controls for non-bank payment system operators. RBI.

  8. National Payments Corporation of India. (2024, November 6). NPCI unveils UPI safety awareness campaign to champion safe digital payment practices. NPCI.

  9. Indian Computer Emergency Response Team. (2024). Digital threat report 2024. CERT-In. (

  10. Sharma, A., & Gupta, P. (2021). Expansion of digital payment systems in India following the launch of UPI.

  11. Verma, S., & Joshi, A. (2022). Cybersecurity awareness and consumer trust in digital finance.


 
Ethics and Compliance
✓ All ethical standards met
This article has undergone plagiarism screening and double-blind peer review. Editorial policies have been followed. Authors retain copyright under CC BY-NC 4.0 license. The research complies with ethical standards and institutional guidelines.
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