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Business EconomyPosted at: Oct 23 2016 9:38AM


'Debit card fraud was waiting to happen as everyone ignored warning on it'

New Delhi, Oct 23 (UNI) The credit/debit/ATM card frauds as detected by some of the largest banks were waiting to happen as India has been on the radar of the global cyber criminals who hack into the computer servers using the malware, putting the entire financial structure into a big risk.
The shocking fact remains that this happened inspite of warning by an apex chamber and a leading Indian Corporate group as early as in March 2016. It may be noted that the theft of data of debit cards took place in May to July 2016.
A clear cut warning was given in an ASSOCHAM-Mahindra SSG joint study which got published and became public in March 2016
Commenting on this, the chamber Secretary General DS Rawat said, "Shocked that we are by such large volume of frauds forcing most of the big banks to recall their swiping cards resulting into not only a huge financial losses but also raising a question mark on our cyber security, the ASSOCHAM has been continuously sensitising the government, RBI and the banks against the unfolding cyber risks,"
He said an ASSOCHAM-Mahindra SSG study published recently pointed out that India has become a favourite hunting ground for global hackers and criminals. In fact, according to this study, India was the third biggest target for these hackers after the US and Japan.
According to the said study, a rapid increase in the use of computers and the emergence of the Internet in particularly in the last few decades has led to the evolution of cyberspace. Cyberspace is borderless and anonymous due to which it becomes difficult to actually trace the origin of any kind of cyber attack.
The study had further noted that mobile frauds are an area of concern for companies as 35-40 per cent of financial transactions are done via mobile devices and this menace is expected grow to 60-65 per cent by 2017.
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