CYBER FRAUD

In this pandemic era, while the #digital financial space has seen significant growth, with everyone going to online #banking, shopping, entertainment, transactions; the number of fraud cases have also seen a significant rise.

This has increased the pressure on the banking industry to combat cyber frauds.

This is also giving birth to “Phishing”, another form of attack led by #social engineering, which is targeting consumers who may fall prey to a fake but ‘genuine-looking’ bank website. The hacker would then use the credentials and transfer funds fraudulently. Also, web-skimming, malware campaigns take place.

Around 66% of #Indian organisations have suffered at least one data breach after shifting to the remote working model. With employees working from home, vulnerability to cyber crime has increased and cyber criminals are taking advantage of the same.

Thus, a need to shift to #cyber security and cyber insurance is a must.

Request payment #industry and the #government to train and upskill #law enforcement agencies (LEAs) regularly, so as to reduce the risk of cyber theafts.