Indian Online Business is going through a merry land – According to RBI, the online financial transactions grew from 255 crore in 2013-14 to 998 crore in 2016-17. Moreover, this number is expected to rise further to 2500 crore in 2017-18. This huge number surely has got something to do with the impetus that the Indian government has placed on ‘Digital India’. Cash transactions have seen a downfall since last year’s Demonetisation move and Fintech Start-Ups all across the country have seen a huge boost in their usage and traffic.
But is it all going well? Or is there a catch to all this? Well, it turns out there is. The cyber frauds relating to e-payments, banks and agencies have sprung up too. According to RBI, frauds related to e-payments, banks and agencies reported 16,468 cases in 2016. This is a worrisome metric, as India gears up towards getting rid of cash and adopting an online system of payments holistically, cases like these can act like a deterrent for the consumers to adopt the online wave, majority of whom are still taking their first steps towards it.
According to a study, Identity theft, Phishing, and Account theft top the list of online frauds plaguing the users right now. While identity theft involves the criminal carrying out transactions using a different identity – they take over the victim’s identity and do the transaction on his name, Phishing is an attempt to glean sensitive information such as usernames, passwords etc. by duping the victim – they do so by disguising as a trustworthy entity. These are just the tip of the iceberg, as the surge in online traffic ramps up, the fraudsters have even more incentive to come up with new ways to scam the consumers and earn money.
The responsibility of all the companies involved in the online space is as much as the Government, even more so, they need to make sure that their customers are safeguarded from all these frauds. Sending cautionary emails, messages, and communicating to them the safe way to surf the internet has become paramount for all major online players.
At MobiKwik Payment Gateway, we take utmost precautions and consider it our prime responsibility to take care of our customer’s online safety. We feel all the customers have placed their trust and goodwill with us by adopting us in so many ways, that’s why we feel all the more motivated to keep working towards keeping their identity and money safe, safer than a bank.