By Siba Narayan Panda, Cybersecurity Mentor at India Accelerator
Technology is almost everywhere. All necessary activities like shopping, grocery orders, bill payments, etc have shifted to digital space. With this, the Indian economy is moving rapidly from cash to digital transactions, making the country vulnerable to cyber-attacks. To make transactions flexible for customers, banks have transitioned to the integration of digital platforms to facilitate digital payments that contribute to the rising number of cyber frauds in the banking sector.
Online banking frauds
Technological advancement in the banking sector is the doorway to a convenient banking experience. However, as technology expands, the scope of online banking frauds is growing at an exponential rate. Further, the growing volume of online transactions and the absence of stringent cybersecurity systems give fraudsters the space to commit malicious acts. A total of Rs 615.39 crore have been lost in more than 1.17 lakh cases in online banking in India from April 2009 to September 2019, according to a media report.
Customers are aware of the common risks associated with online banking. However, the technology is evolving at an unmatched rate that makes the fraudsters come up with new and innovative ways to trap the customers. Moreover, several forward-moving digital platforms are integrating new technologies to have customers perform financial transactions. Thus, banking institutions should dedicate more resources to customer education and awareness programs and conduct them in various regional languages and geographies.
Credit card fraud
Nowadays, fraudsters have started scamming through specific targeting. One of the most common scamming techniques involves credit cards that are more prone to unauthorised transactions. The credit users must adopt stringent preventive measures to save their credit cards from any fraudulent activity. Users must use their credit cards with extreme safety by keeping their PIN, card details, and log-in details private. In case the card is not in use, the users should block it…