Internet transactions and ATM usage have seen a
boom since the Government of India started focusing on cashless transactions
along with opening bank accounts for everyone. Even e-commerce companies have
played a significant role in the increased number of internet transactions.
According to data provided in Lok Sabha, use of
ATM+PoS transactions by Indians have risen from 7223 million in 2013-14 to
23885 million in 2016-17 which is a 231% jump in a mere 3 years. Whereas
internet banking transactions have seen a jump of 322% in the aforementioned
three years. Thus the cyberspace is loaded with money from the time it leaves
the instruction to conduct transaction until it reaches the vendor on the other
end. Until then the cyberspace is exposed to various hackers and fraudsters.
There were 9500 cases of financial cybercrime in the year 2013-14 which rose to
39051 cases in 2015-16.
Though the amount which is being transacted is much
higher than the amount being stolen, it still prompts concern amongst the banks
and their customers as to what steps are needed to resolve such issues. The
adaptation of online transactions from COD (Cash on Delivery) of the nation has
left the state machinery on the mercy of banks to create their web of safety
for customers. Banks, on the other hand regularly try to enhance the security
of such transactions to prevent financial fraud. They have tried to create a
complicated web of security with OTP and other means, yet the trend of
increasing financial fraud continues. Customers are made aware of the ways to
keep their online transactions secure by not sharing bank or any other related
details with anyone, yet most of the cases registered in the category are where
the money is stolen using the details which were solely shared with the user.
ATM+PoS frauds are administered using skimmer
devices where the data is copied and later used to steal money. RBI had asked
banks to upgrade their ATMs and implement security measures in a phased manner.
Lack of proper effective machinery and skill pool
by the cyber cells of police is another backlog which has raised the concerns.
Many of the Police stations and even headquarters of state in India are not
properly equipped and connected to their cyber cells.
The government in collaboration with the banking
sector is trying to inform and aware customers and create better and secure
machinery for internet transactions and ATM withdrawals.
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