Digital Payments are rising, but are we secure?
Ever since demonetisation, digital payments have been on a rise in our country. With rise in volume of such transactions there increases threat on security of these payments.
Data Security Council of India (DSCI) and digital payments major PayPal India released a joint study recently. The study on “Securing India’s Digital Payment Frontiers” talked about India’s journey its cyber security dynamics, prevailing cyber threat landscape, polices, regulations, standards along with the future trends and best practices at the enterprise level.
“We believe securing digital payments is important for reposing trust and accelerating adoption. The partnership with PayPal would bring our collective experience in cyber security and digital payments for enabling a secured digital payments ecosystem in the Indian context,” said Rama Vedashree, CEO of DSCI.
India has many innocent targets for hackers.
Digital Payments are a new age phenomenon. But most of the Indian middle aged and senior citizen are not at all used to this payment mode. They are very easily manipulated and tricked by fraudsters into giving away their bank details.
How to tackle with the rising cybercrimes
Cybercrimes have had a drastic impacted this industry. “More than 1.9 billion records were lost in the first half of 2017 over approximately 960 reported incidents. Of this India’s share was 274,198,181 records over 15 reported breaches,” the joint study revealed.
With advancements in emerging tools and technologies like Internet of Things (IoT), automation, Machine Learning the future can be secured. Constant upgrading in technology can ensure a robust and resilient Indian financial services industry.
Banks should constantly keep alerting their clients of how to be safe from fraudsters. They should carry out awareness campaigns at their branches regularly, so that problems of the users can be addressed conveniently.
How fast is India Digital Payment Industry growing?
RBI recently reported that 1.06 billion digital transactions were carried out in December 2017. India’s digital payments industry is currently worth nearly $200 billion. And this is just the beginning, so we should be future ready.
