The rise in cyber-crimes after demonetisation shows that India has to go a long way before transforming itself into a ‘cashless’ economy.
At a time when the Modi government is appealing people to go cashless there has been a massive surge in crimes related to money being siphoned off through mobile wallets. The rise in cyber-crimes after demonetisation only shows that India has to go a long way before transforming itself into a cashless economy. Experts have already warned of rise in cyber frauds after demonetisation when more people will start adopting online transactions. Right now, there is lack of awareness about people using online mode of payment like debit card, credit card, net-banking, mobile wallets, unified payment interface (UPI). Unless and until the government comes forward to strengthen cyber security people will be worried about performing online transactions.
“Post demonetisation, the government has been aggressively pushing for digital transactions. However, they will have to enhance security of online transactions which will boost the confidence of people while opting for digital mode of payment,” said a cyber security expert.
Fraudsters have created fake mobile wallets and are transferring money to them. Already 38 cases of cyber fraud have been registered after demonetisation till December 12. After demonetisation, fraudsters are using mobile wallets to illegally transfer money to other bank accounts. They also have activated mobile wallet by acquiring sim through bogus identity proofs. Most of the time money is spent for shopping online hence it becomes difficult for the police and cyber-crime officials to track these types of frauds.
Paytm has filed a fresh case against seven customers for allegedly cheating it to the tune of 3.21 lakh orders spread over last two years. CBI has filed FIR against seven customers listed by the company in its new complaint and unknown officials of Paytm.
“During routine reconciliation of accounts, the complainant company found that in 37 cases where refunds were made in the wallet or bank account of customers, delivery of orders were successfully made to the same customers,” the complaint from M Sivakumar, Manager Legal of the company, said.
CBI has registered case under provisions of criminal conspiracy, cheating and forgery besides invoking provisions of Information Technology Act.
Deputy Commissioner of police (cyber) Sachin Patil said, “Customers should refrain from sharing their bank account details, password, OTP to any person who claims to be a bank official. If they share these details then money can be fraudulently withdrawn from their account.”
Many people who have had downloaded Paytm after demonetisation are frustrated after the failure of transactions performed by them. Sometimes they also receive messages like “Service temporarily unavailable” and “it will resume shortly”. As a result of this some shopkeepers have stopped using this application.