Cashless concept increases cyber crimes manifold.

 

CHANDIGARH—In 2016 the Chandigarh Administration has started a campaign to make Chandigarh first cashless city in the country. Again the administration woke up to the issue and stressing for cashless transactions in its departments. The Estate Office is all set to provide a system to the residents for all payments online soon. No doubt, Chandigarh has been seeing the operation of a cashless concept to strengthen digital transactions, but as cybercrime in the city on the rise as per data the danger is right here.

It is an open secret that with an increase in cashless transactions, cyber crimes also have seen an upward trend. Hence, it needs enforcing data security measures and creating proactive security monitoring capabilities before going for cashless. It will become more strenuous and vital for the Chandigarh Administration as well as the government to defeat the emerging threats and protect their financial intellectual and customer-related information, warns and experts in cybercrimes.

The system is heading towards digital transactions via e-Wallets and other online payment gateways, mobile frauds are expected to grow more than 65 percent in the country, a leading industry body reported. Also, a joint study was conducted by ASSOCHAM and research firm EY, titled “Strategic National Measures to combat cybercrime, stated secure cyberspace and the government’s initiatives in keeping tabs on cybercrime have become paramount importance for businesses to establish, operate and flourish in any region.

“Mobile frauds an addition of new crime in the list are of great concern for companies as well for the people. Approximately over 45 percent of financial transactions are done via mobile devices or ATM cards and this threat is expected to increase to 70 percent, the study noted.

The study also stated that transactions through debit and credit card fraud cases top the chart of cybercrimes and there has been a six-fold increase in such cases over the past three years.  According to the study data, about 46 percent of complaints of online banking related to credit-debit card fraud followed by Facebook-related complaints which accounted for over 40 percent and mostly pertained to morphed pictures/cyberstalking/cyberbullying, stated the study.

Other major cyber complaints were cheating through mobile which accounts for more than 20 percent, hacking of e-Mail ID (20 percent), abusive/offensive/obscene calls and SMS (account for 15 percent) and others.

An expert on cybercrimes says going cashless seems easy to talk and difficult to implement. The cashless concept is okay but guards against cybercrime.

By YS.Rana:

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