Why fingerprints and face scans could make your UPI payments safer than OTPs

By Vishal Maru, Global Processing Head, FSS- Financial Software and Systems

One-Time Passwords (OTPs) have significantly simplified banking and online transactions for Indian customers, offering a fast, dependable way to confirm identity and approve payments. The appeal is obvious: input a brief code received on your phone to verify everything from online transactions to government forms. This simple system has brought digital services to millions, especially people with limited technical skills or device access.

The downside is that this convenience has also created opportunities for scammers, hackers, and cybercriminals. Fraudsters have evolved faster than banks and technology teams can respond. In 2025, India saw a sharp rise in digital fraud, with cybercrime losses hitting ₹22,845 crore, a 206% increase from the previous year. In 2024 alone, over 36.3 lakh cases of financial fraud were reported through the National Cyber Crime Reporting Portal, leading authorities to ...