Role of Cyber Security after Demonetisation

“The hacker doesn’t care whether he is attacking an Indian or a US company. It is bread and butter for him and he wants to eat it wherever he gets it from”

Cyber security has become an important aspect post demonetisation, as the country was moving towards cash-less and digital economy and major challenge to the nation  as the hacking tactics keep changing very fast and that makes the security system vulnerable. It is an emerging field and IoT plays a vital role in ethical hacking.

India is the third biggest target for global hackers and cyber criminals after US and Japan.

More than a week after demonetisation, as the country remains cashless and most people living in metros switch to online banking and e-wallets, they are also the ones who are the most susceptible to banking frauds and falling prey to hackers.

Modi government’s thrust upon Digital India and a cashless economy has brought ethical hackers and cyber security start-ups in India to the fore-front. Cyber experts that hack your systems to disclose the loopholes

Who is Responsible In Case of a Banking Fraud?

If anybody loses money online the end users are liable for the loss not the banks, unless the user proves to the bank that the fraud was ‘not’ a result of negligence. Negligence means a user’s system had malicious programme that stole credentials or the user logged into an unsafe system. These things are extremely difficult to prove. So, ultimately it becomes a user problem. The banks do not take responsibility. 

Fraudsters Cash in on Demonetisation, This is How You Can Protect Yourself:

  1. Don’t fall prey to schemes, SMSs asking for your bank details/passwords to convert your money easily.
  2. Phone calls that claim to verify your eligibility to deposit or withdraw money from bank are fake.
  3. Your debit card does not need to be refurbished to be “eligible” to withdraw the new notes.
  4. Use of unsecured portals, unverified apps and wallets risks your banking details.
  5. Spurt in the demand for PoS devices (card machines) has increased the risk of tampered devices being sold to shopkeepers. Check before you use them for transactions.
  6. Report any unauthorized activity immediately to your bank or the police station.


Source: Google