Will cashless society prove to be a ‘field day’ for hackers?

 

According to a study by Assocham, digital transactions including e-wallets, online payments and mobile frauds are expected to increase to 60-65 percent in the country by 2017.

 

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Assocham had conducted the study jointly with the EY. The study suggests secure cyberspace and the government’s initiatives to vigil cybercrime. Since 40-45 percent financial transactions are done via mobile phones the study says mobile frauds will increase even more.

 

The study says that in the last three years digital fraud has increased three times.

 

Also Read: With digital banking on the rise what will happen to ATMs?

 

Here is a short analysis done in the study

Area	Percentage
Cheating through mobile	21
Hacking of email ID	18
Abusive calls and SMS	12

 

The study also suggests to avoid threats and to protect confidential information. The organisations have to take data security measures and build security monitoring capabilities.

 

Also Read: 6 hidden credit card charges you are unaware of

 

Currently, the government is urging the people to go digital and asking for cashless transaction. But Panchajanya newspaper, the face of RSS itself has questioned the government if it is ready to safeguard national security, e-money, and personal data from hacking?

 

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