MOST PEOPLE SEEM oblivious to the potential threat of financial data theft and its extent. Till some time ago, financial transactions were limited to physical counters, which left little scope for financial frauds. But now, more people than ever are banking and making payments online. The pandemic has further accelerated the shift from physical to digital payments. The rise of fintech companies has also aided this surge. According to data from the Reserve Bank of India (RBI), the share of digital payments in total payments increased to 96.32 per cent at the end of FY22 from 95.4 per cent in FY20. The RBI Digital Payments Index, which tracks digital payments, was up 29.08 per cent, to reach an all-time high of 349.3 points in March 2022 from 270.59 points a year ago. With the exponential rise in the number of digital transactions, however, the threat of cyber frauds compromising your financial data has also jumped manifold.
From hacking to stealing, crooks have found innovative ways to defraud the public—through system malfunction, accidental release or not following security procedures. Any of these can expose your financial data. And it is not just the common man who faces the threat, as even celebrities like actors Rajkummar Rao and Sunny Leone have recently become victims of such frauds. It shows how susceptible the system is to breaches. Loans were taken out in their name using their KYC details, even though they had never applied for them. Though the amounts were small, it impacted their credit scores. This is just the tip of the iceberg, as these cases were the ones reported in the media. There are thousands of such incidents that are never reported.
This story is from the October 02, 2022 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the October 02, 2022 edition of Business Today India.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Haute Couture in the Kitchen
FASHION BRANDS ARE ENTERING THE RESTAURANT SPACE, AS FOOD SEEMS TO HAVE BECOME THE ULTIMATE FASHION STATEMENT
It's Personal
Mixing work and personal tasks on work machines may be a done thing for many, but it makes sense to have a dedicated device for your personal needs. Here are two such devices
INTO THE BLUE
For WTiCabs Founder and CEO Ashok Vashist, scuba diving is not just an adventure sport. It is a pathway to connect with the ocean
"Challenges are opportunities"
AMIT JAIN CO-FOUNDER & CEO CARDEKHO GROUP CarDekho Group is a digital automotive solutions provider
THE WAIT FOR HIGHER PENSION
ALMOST 18 MONTHS AFTER THE SUPREME COURT RULING, SUBSCRIBERS WHO OPTED FOR A HIGHER PENSION UNDER THE EMPLOYEES' PENSION SCHEME CONTINUE TO WAIT AS THE EPFO, FACING A STAFF CRUNCH, TRIES TO FIGURE OUT THE MATH
"It's possible to have a 25% growth out of India from now on"
Rail Europe Executive Chairman & CEO Björn Bender talks about the India market, the shift to digital, and the way ahead
Evolving Strategies
Companies need to adapt to changing times for a strong workforce
PERKS PRESSURE
IT'S NOT JUST ABOUT THE MONEY ANYMORE FOR EMPLOYEES. FROM FOUR-DAY WORK WEEKS, TO SKILLING ON THE JOB AND MENTAL WELL-BEING EXERCISES, COMPANIES ARE OFFERING A HOST OF BENEFITS TO RETAIN TOP TALENT. IS THIS ENOUGH?
FOSTERING PLURALISM
Axis Bank, with its initiatives and policies, is striving to make a holistic difference to people's careers and hone their skills too
In Keeping With The Times
With a slew of initiatives for its employees, Abbott India is working hard to build a diverse and inclusive workforce