With the Government of India promoting their digitisation drive since the demonetisation of high-value currencies in order to curb black money, resulting in digital transactions and the UPI (Unified Payments Interface) transactions crossing the Rs.1 trillion mark every month, the Government of India and the Reserve Bank of India are facing an even bigger threat – cyber fraud.
As per a report released by the Reserve Bank of India, just in FY 2017-2018, 2,059 cases cybercrime cases were reported, amounting to a staggering 109.6 crore. In FY 2016-2017, 1,372 cases of cyber fraud were reported amounting to Rs.42.3 crore.
Recently, the Reserve Bank of India has warned digital and e-wallet users of the latest cybercrime threat that is being used by fraudsters to wipe the money in bank accounts of individuals clean. According to the Reserve Bank of India, cyber frauds are using an app called ‘AnyDesk’ that lets them hack into the phones of individuals and transfer all the money in their account through a simple UPI transaction.
To counter this threat, the RBI has asked bank account customers to only use websites that are secure, to regularly change their bank account passwords, and to report to their bank immediately in case of a fraud. For those who do not know, ‘Any Desk’ is a remote-control app that allows users to connect one device to another and this has been used by fraudsters to hack into people’s phones and get access to their bank accounts.
Source: Business Standard