The digital revolution and the reasonable, high-speed Internet have together transformed the payments market. Nowadays, the new-age consumer is spending more time on "virtual platforms" and they prefer "digital conversations" means cashless and seamless payments. Frauds related to digital payment have seen a rising trend and there is an urgent need to revamp the secure techniques, transactional scams involving crores of rupees being unearthed in recent decades. The new-age hacker is using more sophisticated, innovative ways to obtain valuable customer information and login credentials to hack into accounts. Customer awareness of online security risks is often poor and they are easily duped into divulging confidential data to criminal groups that can then be used to authenticate fraudulent transactions. To deal with the fraud, we need to adopt various measures to make the digital payments landscape more secure. The current study analyses the current trend of transactional frauds and It also elucidates the impacts that are being faced due to the frauds. Further the study endeavours to throw light on the different types of unmasking techniques.

Keywords: Digital payment; Payment security; Electronic fraud; Online transaction; Fraud detection technique.