India reports its biggest internet banking security to violate days After the surgical strike on Pakistan and days before the government announced its demonetization. The government wants to tax us on every rupee we have , which was only possible when it can be tracked which was quite impossible in a hugely populated country like India keeping the track of physical money. The main agenda to make us cashless was the same reason for tracking our money transaction so we can be totally controlled by the government.
It had some good sides too. The black money was easily encountered by this masterstroke of the government. the illegal transactions became very difficult which became a matter of happiness for the ones who earned the real hard money.
Over 3 million debit cards and their pin numbers, including those powered by MasterCard and Visa, were stolen by hackers. The Ministry of Finance reported that Rs 2.5 lakh was stolen from the accounts of Indians. The government is motivating the people to go cashless for mop-up taxes on every rupee being transacted in the country. The millions of Indians are bothered, how safe is their money in the cashless economy, because Internet banking frauds have been increasing many folds and currently constitutes 59% of all the cyber-crimes committed in India.
talking about India RBI shared the details about the growth of an 85% increase in transactions online and people using a phone to pay increased 800 times in recent times which seems pretty good for a developing nation like India.
Now, people have assurance in banking and delegate them the dependability to keep their money safe. So it’s the bank that has to give a guarantee to the customers that that money transact through an online form is safe and protected and in case of online fraud, the money lost will be remunerated by the bank.
The delusion of the cashless economy can only be realized, only if the government takes ample security measures of any online fraud. It has to give an assurance that in case of violating of system the entire money lost will be remunerated to the victims.
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