Credit/debit card frauds on the rise, warns study
13 December 2016
With the rapid increase in the use of computers and the emergence of the internet, about 40-45 per cent of financial transactions are done via mobile devices and the threat of online fraud is expected grow 60-65 per cent by 2017, notes an Assocham-EY study.
The study titled 'Strategic national measures to combat cybercrime' assumes importance in the wake of demonetisation of old currency notes and the consequent rise in card transactions. It says credit and debit card fraud top the chart of cybercrimes. There has been a six-fold increase in such cases over the past three years.
According to its data, about 46 per cent of complaints of online banking are related to credit/debit card fraud followed by 39 per cent related to morphed pictures / cyber stalking / cyber bullying. Other major cyber complaints were cheating through mobile (21 per cent), hacking of email ID (18 per cent), abusive/offensive / obscene calls and SMS (12 per cent), and others.
Enforcing data security measures and creating proactive security monitoring capability are vital for an organisation to maintain a lead over emerging threats and protect their financial, intellectual and customer-related information, adds the study.
A secure cyberspace and government's influence in keeping tabs on cybercrime have become important criteria for businesses to establish, operate and flourish in any region, it says.