UPI, Unified payments Interface is a way of life in Digital India era beginning as a Green Initiative by RBI in 2016. Since its introduction the users are growing increasingly, and the number of frauds is also rising greatly. The big claims regarding absolute safety of UPI transactions by the third-party payment how much effective is the two-factor authentication feature of UPI in maintaining safety of the transactions is the concern of our study. Threat of fraud is definitely one of the factors affecting UPI usage and so our study tries to find out the relationship between adoption of UPI and the instances of fraud and threat of fraud amongst users. For this we have collected data from real users of UPI who are victims or successful avoiders of UPI fraud. Also, secondary data from reliable RBI sources is used for substantiating the hypothesis.