The concept of online banking has been successful, but every success comes with some failure. Banking Frauds constitute a considerable percentage of white-collar offences being probed by the police. Unlike ordinary thefts and robberies, the amount misappropriated in these crimes runs into lakhs and crores of rupees.
Every day, a new high-profile security breach is reported in the media, revealing the latest distributed denial of service (DDoS), advanced persistent threat (APT) or whatever else it may be that has compromised the data of customers and employees at large organisations. But beyond the high-profile attack at large companies, there are hundreds or even thousands of cyber attacks carried out every single day that will not be reported by the media – or, in most cases, the victim.
India still does not have a cyber crimes prevention strategy, although the National Cyber Security Policy 2013 of India has been formulated, but it has not been implemented yet. The cyber forensics trends of India 2014 still states that India is incapable to deal with cyber forensics related issues and it is not investing effectively in the field of intelligence and law enforcement technology. As a result, cyber crimes have increased in India.
Credit Card Frauds are increasing as the economy is getting digital. It’s a justified concern, considering that nearly 2.59 crore credit cards issued by 56 banks had a transaction worth Rs 24,341 crore via points of sale (POS) and Rs 202 crore through ATMs, while 69.72 crore debit cards registered transactions worth Rs 2.19 lakh crore through ATMs and Rs 17,100 crore via POS in July 2016. Even as the RBI and banks are trying to stay one step ahead by introducing several security features, including chip-based cards and two-factor authentication, customers need to take the initiative to prevent being conned.
With the entire world on the internet, a business needs to take certain measures to protect its information from various kinds of cyber threats and criminals. It is important to adhere to some cybersecurity measures by startups to protect themselves.
India needs to have a legal framework that meets the expectations, both legal and of a public nature, as prevalent in the jurisdictions from which data is being shipped to India. In practical terms, the biggest hurdle is for India to have its framework of domestic data protection laws officially adjudged and publicly perceived as adequate.
In a world where data breaches are becoming all too common, organizations that produce an imaginative and credible response will have a comparative advantage over those that are slow and confused, and this will translate to tangible business value.
Banking customers are frequent victims of Internet-based frauds, phishing, vishing and other malware attacks. Irrespective of these threats, there is a continued interest and love for technology-backed innovations in the banking and financial services such as online banking and mobile banking, amongst others. The establishment of an IT subsidiary by RBI is a welcome step not only for the BFSI sector but also for IT security solutions providers like Quick Heal, as it will ensure better compliance with regulations to prevent data theft and to check banking fraud.
The Scope of Cyber Crime is rapidly increasing with advancement in technology. The severity of Cyber Crimes can be understood by analyzing different kind of Cyber Crimes, which include from obtaining important financial information about someone to hacking the Government and obtaining highly classified information. Deliberation in this area is extremely necessary and stringent regulations are needed.