Demonetisation: Are your digital transactions secure?

There are no easy solutions regarding securing oneself in the cashless digital world

Latest News -  Paper money is becoming passe as the year comes to an end. The New Year brings in the promise of India going cashless with the population of 1.3 billion being pushed into a digital economy.

Today many users are being exposed to plastic money for the first time. Even the most learned people make mistakes in the digital world and that can prove very costly. Hence, for first-time users, it is a minefield out there and negotiating it needs a lot of tact.

Earlier this year, 3.2 million credit and debit card details, with a bulk of them from India's largest banker the State Bank of India, allegedly got compromised and till date, the investigating agencies have not been able to make much headway.

In a country where, according to UN figures, about 287 million adults are still illiterate how safe is it to indulge in cashless transactions?

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Digital India: Why people are ignoring bank UPIs and flocking to Paytm instead

Post demonetization, people flocked to digital wallets for mobile payments instead of bank apps

Long before demonetization and a scramble to find alternatives to cash, India had laid out a unique tech infrastructure for a digital economy.

Bill Gates was so impressed with it on a recent visit that he exclaimed: “India is on the cusp of leapfrogging!”

But leapfrogging only happens with mass adoption. Although Aadhaar had identified and authenticated a billion Indians, and UPI made mobile payments as simple as sending a message or mail, banks dragged their feet over it.

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• Slip between the cup and the lip

• The Paytm tipping point

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To a question from Tech in Asia on how the Paytm app will be different from UPI-powered apps by traditional banks, Vijay Shekhar Sharma pointed immediately to customer experience. “Banks are not great at rolling out UPI,” he said. But for Paytm, “this is the truest opportunity to build something designed for unique Indian needs.

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Cashless economy: India to see 65% rise in mobile frauds in 2017

Post demonetisation there has been a surge in digital transactions via e-wallets and other online payment gateways

With the surge in digital transactions via e-wallets and other online payment gateways, mobile frauds are expected to grow to 60-65 per cent in the country by 2017, a leading industry body said on Monday.

The joint study by Assocham and research firm EY, titled "Strategic National Measures to Combat Cybercrime", said a secure cyberspace and the government's initiatives in keeping tabs on cybercrime have become an important criteria for business to establish, operate and flourish in any region.

"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.

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.

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