Internet and mobile phones have become part of our daily life, and we cannot live without these communication devices anymore. Devices like smartphones and tablets make it easy to connect to internet.
However, with the emergence of the internet and its connected services, cyber attacks and frauds have become a day-to-day threat to internet users. The increasing incidence of online frauds and hacking has affected internet banking and all other normal activities using this inevitable tool. Cyber bullying, cyber stalking, sexting, exposure to inappropriate material, online predators, and revealing too much personal information are all creating new risks especially to youngsters and children. According to the Internet and Mobile Association of India, the number of internet users in India has crossed 354 million.
Notwithstanding all its presumed advantages, banking in cyberspace has opened up a Pandora’s Box of a new set of financial crimes and frauds. As the fraudsters are becoming more and more sophisticated and phishing mails have begun to appear in local languages, online banking faces serious security issues. According to legal experts, the liability of cyber crime, in which the customer is not a conspirator, is always on the banks. That is, if a user loses his/her money, Reserve Bank of India (RBI) may ask the bank concerned to compensate the user unless the bank can show that the user himself/herself was involved in a conspiracy to steal the money. This legal side of banking, to some extent, will help the users to retrieve the lost money.
Since online banking has spread considerably, the banks have been applying several security measures to deal with the increasing threats. The two-factor authentication, requiring a one-time password that is sent on a mobile, is a much-needed improvement that Reserve bank of India has mandated for banking transactions. The hackers’ task has got more difficult as he now has to hack the mobile of the victim, too, along with the computer.
Hacking into the accounts of individuals and organisations to obtain personal information is on the rise worldwide. According to Internet Security Threat records, there was a 23% increase in data breaches in 2014 compared to the previous year. This is a really alarming situation which warrants the attention and alertness of all those are users of this incredible communication tool. Safety Messenger’s current issue has given the major focus on the various aspects related to internet and its safe usage. We look forward to your feedback.