Cyber Crime Possibilities Post Demonetization And Solution

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India is entering the cashless economy phase truly for the first time post Demonetization with people now relying on digital payments and e-wallets for most of their basic needs. However, threat of cyber crime such as Phishing cannot be denied with increase in  number of mobile transaction. The government is promoting internet banking, payment through e-wallets, USSD, UPI and host of other alternatives. There are some of the most common cyber crimes that can affect an Individual.

Identity theft – Perhaps one of the most common type of cyber crimes, the hackers try to steal the bank credentials of the user. Identity is stolen by inflicting phishing, malware and vanishing attacks. Phishing is something where an Individual receives fake emails. One should not click on any such email which looks doubtful or promises great rewards.

Vishing is another fraud where Individuals pose as the banking officials and make calls to people. Thereafter, these fake officials ask people to share their credit card or debit card credentials.

SQL Injection – It has been one of the most common methods of stealing the credentials of the customers through layer application of the attack. Attackers steal data, credentials or damage the reputation through this layered attack. Hackers inject tailor made queries and then break into the private information by bypassing all the security measures.

BOTNETS – Innocent users form a part of Botnet army even without being aware. It is tough to identify the effect of botnets until string of transmissions are send to a single web application and results into massive breakdown.

Lost devices – In case someone loses his mobile which is not password protected, there could be threat of the device being cracked into and the credentials stolen.

Stealing Credentials

Further, linking the e-wallet app with other social networking apps could also give way to the fraudsters to steal data and misuse it Juniper research mentioned that globally, online fraud transactions are expected to surge around $25.6 billion by 2020, an increase from $10.7 billion last year.

Steps to be taken Post Fraud-

  • Individual should get in touch with the bank and change the credentials. All the cards should be disclosed to the bank and hot listed. Bank will generate complaint number which can be used to do track the enquiry process going on.
  • Get in touch with the cyber crimes unit which has a separate branch for online fraud and banking fraud. A detailed complaint should be filed with the unit.
  • A written complaint should be sent to respective bank, telecom operator from who you are taking the service and third party company.
  • In case the Bank or the e-wallet company is not cooperating, legal measures can be taken to get things right
  • Every complaint should be filed in writing and the response by the concerned authority in bank or e-wallet company should be in record.
  • An Ombudsman can be approached in case the complaint has been dismissed in less than 30 days.
  • In case, Ombudsman fails to offer a solution, an Individual can approach the Deputy Governor  who is the appellate authority in these issues.



About Author

An MBA in finance, I like to cover the wide range of topics related to Taxation, SEBI, Finance and anything that is Public Helpful. The motive is always to make it simpler for the taxpayers understand the system better and take informed decisions.

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