One in hand is better than two in the bush it is said.Demonetization was to take us to a system father from corruption. But for now, it has led us way farther in the ATM queues. Shortage of cash has got people turning to e-wallets like Paytm to keep up the trade going. But with digital security being challenged day in and day out, accounts being compromised and cyber crime at all time high, is the digital payment system any safer?
A joint study carried out by Assocham and research firm EY, titled “Strategic National Measures to Combat Cybercrime”, said “Mobile frauds are areas of great concern for companies as 40-45 per cent of financial transactions are done via mobile devices and this threat is expected grow to 60-65 per cent”.
The study noted that a secure cyberspace and the government’s initiatives to keep tab on cybercrime have become a top priority and an important requirement for businesses to establish, operate and flourish in any region.
Credit and debit card fraud cases top the chart of cybercrimes and there has been a six-fold increase in such cases over the past three years. The threat is getting higher as more and more people will go online to make transactions.
“According to the data, about 46 per cent complaints of online banking are related to/credit/debit card fraud, followed by Facebook-related complaints (39 per cent — mostly morphed pictures/cyber stalking/cyber bullying),” the study said.Other major cyber complaints were cheating through mobile (21 per cent), hacking of e-mail ID (18 per cent), abusive/offensive/obscene calls and SMS (12 per cent) and others.
Enforcing data security measures and creating proactive security monitoring capabilities are vital for an organisation to maintain a lead over emerging threats and protect their financial, intellectual and customer-related information.
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