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2021 saw a 46% surge in digital banking data theft and hacking! Urging for a better regulation of online transactions amidst increasing digitisation of the economy

The year of 2020 saw a high figure of the number of hacking cases against digital banking, as per reports known to the Parliament.

2021 saw a 46% surge in digital banking data theft and hacking! Urging for a better regulation of online transactions amidst increasing digitisation of the economy 2

The Parliament was provided the concerned information, on Thursday, as per reports by the Indian Computer Emergency Response Team. The cyber security incidents posing a threat over digital banking saw a surge of almost 46% in 2020 as compared to the preceding two years: 1,59,761 in 2018, 2,46,514 in 2019 and 2,90,445 in 2020. These figures were stated in the Rajya Sabha by Sanjay Dhotre, the Minister of State for Electronics and IT.

The total number of transactions that took place via digital modes were 3,134 in the FY 2018-19 while in the FY 2019-20 it rose up to 4,572.

Dhotre further mentioned that about 6,233 cases of fraud and cheating were registered in 2019, as entailed in the National Crime Records Bureau data records. The year 2017 and 2018 had witnessed 3,466 and 3,353 cases respectively, with regards to the same.

Banks have zero time to complete the processing of a transaction. AI cannot reduce this speed but forming better and smarter systems can be helpful to reduce threats by hacking. They can detect potential risks and recognise if there’s something fishy. Also, a measure should be taken beyond security via OTP and passwords, via use of biometrics, device telemetry and also utilisation of customer behaviour analytics. 

A person might or might not be successful in approaching legal platforms in times of being victimised by the cyber crimes. But the banks should provide a safe environment for digital banking to the users at its best from their end, providing aid to users to lead a better financial life. The staff should also be trained well at identifying potential hazards and should be good at risk determination and minimization.

Khushi

Khushi is an avid reader and loves analyzing companies in the digital space. Her interest is in online marketing, business, startups, and politics. She does everything perfectly by taking extra time.
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