Digital fraud growth in India – Threat to digital transformation

Digital Data Protection & privacy

India is considered by many as a digital testing center for innovators to hackers. The unprecedented digital inventory w.r.t connected device, digital assets such as social media, and digital content consumption is attracting many to offer products and services.

India is second to China in terms of mobile internet users, mobile users, application users, and application downloads with loosely coupled regulatory & policy enforcement offering golden opportunities to fraudsters. Digital Fraud is increasing day by day in India.

Digital fraudsters are using phishing attacks, bogus incentive calls, e-commerce delivery bogus messages, and fraudulent prize money messages to attract senior citizens to youngsters into their trap.

Some of the messages they send are the followings:

  • Connect your Aadhar card and PAN card with a bank account with a fake RBI web link message
  • Update or add a nominee with your bank account with a fake bank weblink
  • Your credit card won INR 5000, please submit detail and give the fake link.
  • Fraudsters in recent times send a courier with a stone inside the packet and ask for Cash on Delivery as well as a PIN
  • Pesky calls to do the bank KYC

Interestingly all of us are getting these messages and calls uninterruptedly without any fear and Telecom service provider SoC and regulatory body failed completely to identify the fraudsters and bring them to legal process. Service providers put the onus to end users.

To mitigate digital fraud please follow the followings:

  • Don’t submit any information online on the basis of the message until its being approved by your bank relationship manager
  • Don’t give OTP to anyone unless you are sure about the call
  • Don’t give OTP to e-commerce delivery boys for the cancellation of the order
  • Don’t give OTP to callers telling you that we have to deliver a courier to you and need OTP for the same

The boundary line for you is to be very careful to act without verification

Parallelly, BFSI, e-Commerce, and other sectors must improve their security process and awareness program for their esteemed customer base. Government must amend the respected law with provisions to ensure that digital fraudsters are booked with a maximum penalty.

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