As India hold a cashless financial system, there has been an unexpected spurt in new mobile wallet companies — but for the most part of these start-ups are setting up digital payments without knowing the cyber risks involved, a top executive from US-based cyber security firm FireEye has emphasized.
This is a hazardous drift when the country still lacks appropriate infrastructure and legislation to struggle against cyber criminals. With the historic decision to control black money and corruption respected Narendra Modi announced demonetization of INR 1000 and INR 500 notes from November 8, 2016, mid night.
“Many of these are running as startups without sufficient attention to security. The rapid shift to digital transactions will greatly increase our collective exposure to cyber security threats — essentially fraud and theft,” Raman added.
While the conclusion evolves combine reaction among Indian businesses and normal persons, advocates of digital payment are soaring high since the declaration was made. After this announcement, the services like various -wallet platforms such as Paytm, MobiKwik, PayU India and Free charge have observed a whooping escalation.
While the cashless financial system is the method ahead and the country is previously moving towards it, security continues to be a chief concern in this e-payment ecosystem. An exponential rise is seen in these online transactions after demonetization has attracted the attention of cybercriminals, who can potentially aim online payment platforms.
Given the section of information that more persons will now inescapably prefer for online payment, it is very important both for customers and digital payment solution providers to support an elevated level security stance to maintain themselves from the threat of cyber criminals.
“While India is rapidly embracing a cashless consumer economy, payment technologies are growing in adoption faster than awareness of the risks involved,” Vishak Raman, Senior Regional Director for India and SAARC, told IANS.
Similarly, In order to guard the consumers against cyber crimes and online frauds, the Reserve Bank of India had mandated various tips and tricks through which user can safeguard themselves. However, security professionals say that there is still a lot of possibility for enhancement as cyber criminal as much ahead in terms of leveraging up to date technologies to start on sophisticated targeted attacks.