Sham practices due to online transactions

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Published on November 20, 2019 by

The rapid use of digital transaction leads to an increase of sham practices by 30%

By Sikha Jaiswal

November 19, 2019

The cases of cyber fraud have doubled this year as compared to last year. As per the records stated by Crime Branch, Bangalore, the number for fraud cases have increased from 2446 to 3101 as compared to last year. This has become a challenge for banks who are liable for the loss. The daily use of online transactions is widely in access that is leading to an increase in violation of data.

Saurav Kumar, Online user,“ I switched to digital payment transactions after demonetization was announced. But a week back an unauthorized transaction of Rs 9000/- was deducted from my Paytm Wallet. I complained to the authority and they said that it is being investigated. Later on, I tweeted on a public platform after which the Paytm credited  my balance.”

Cybercrime cases are escalating at a rapid pace creating distrust among users. In India, Google Pay is the most preferred UPI app with a contribution of nearly 60% usage in the last three months, followed by PhonePe with 25 % as per the records.

Cyber Crime Commissioner, Mr. Kuldeep Jain says,“ There are nearly five thousand cases with cybercrimes. The more we share information, the more precautious we should be. The numbers show the increase from 880 to 2446 in fraud cases from 2017 People are not much aware of the authentication of the card user, so such cases also must be overlooked for the information not to be leaked to the third party.

Our expert, Karan Jaiswal says, “There has been an increase in the scams of monetary transactions. Even though UPI/BHIM has made online transactions easier, but it has also made it easier for scammers to extort money out of it. This happens with the growth of technology who are not technically inclined towards this usually face difficulty.

Tracking of fraud in digital payment will help the users get updated about the fraudulent payment platforms. The introduction of a modern tracking system will soon swipe off the frauds and scams that will help to build back the trust for online transactions and will alert the consumers.

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