Mobile banking fraud to increase in India because of rise in digital transactions: Assocham study
Secure cyberspace is the need of the hour, the report said.
A joint study by the Associated Chambers of Commerce and Industry in India and research firm EY states that by 2017 mobile fraud is expected to increase by 60-65% in India because of the surge in digital transactions, IANS reported. The study titled “Strategic National Measures to Combat Cybercrime” said a secure cyberspace is the need of the hour for businesses to establish, operate and flourish in any region.
“Mobile frauds are areas of great concern for companies as 40-45% of financial transactions are done via mobile devices and this threat is expected grow to 60-65%,” the study noted.
In the last three years, cybercrime has seen a six-fold increase. The study added that of this, 46% of complaints were of online banking related fraud, 39% were Facebook-related complaints, 21% comprised cheating through mobile, 18% were of email ID hacking and 12% were abusive/obscene calls.
Prime Minister Narendra Modi and his government have been vigorously campaigning for a cashless economy since Rs 500 and Rs 1,000 notes were demonetised on November 8. To minimise cash transactions in the country, Finance Minister Arun Jaitley had last week announced 0.5% discount on digital payments for suburban railway ticket bookings and 0.75% discount for those using cards to pay for fuel. The Centre has also waived service tax on debit and credit card transactions of up to Rs 2,000.