ON GUARD!
Business Today India|1st September 2024
A GOOD DEFENCE OFTEN WINS SPORTING MATCHES, BUT IT MAY COME IN HANDY IN THE DIGITAL WORLD TOO. WITH THE PROLIFERATION OF DIGITAL PAYMENTS, THERE'S BEEN A SPIKE IN FRAUD. SO IT'S IMPERATIVE TO STAY VIGILANT AND WELL-INFORMED
TEENA JAIN KAUSHAL
ON GUARD!

VINI SRIVASTAV, A 31-year-old New Delhibased primary schoolteacher, received a phone call from Indraprastha Gas Ltd (IGL) in the afternoon of July 10. The caller, speaking with an air of urgency, informed her that she had an outstanding gas bill and her supply would be cut off unless she paid it immediately. In a soothing and persuasive voice, the caller urged Srivastav to take immediate action and shared a payment link. She was redirected to a website that looked legitimate, complete with her gas connection credentials, including the account ID and registered name, etc. Soon after completing the payment, Srivastav realised that the link shared by the caller had infected her phone. The fraudster quickly emptied her account after gaining access to her mobile phone, while she remained a helpless spectator.

Srivastav is just one example of the rising cases of digital fraud in India. According to data from the Reserve Bank of India (RBI), there were over 36,075 cases of financial fraud in FY24, with 29,082 cases involving digital payment methods, such as card or internet transactions. With the proliferation of online payments in India, the number of digital frauds, which was just 2,677 in FY19, has multiplied to over 36,000. The actual number could be much higher as many incidents go unreported.

"Rising digital fraud in India is a concern, with recent data showing a significant increase in online payment fraud. The RBI reported that digital payment frauds surged over fivefold to ₹1,457 crore ($175 million) in FY24. This alarming increase parallels the rapid growth of digital transactions, particularly through the unified payments interface (UPI), which experienced a 137% rise over the past two years," says Ruchin Kumar, VP-South Asia of enterprise data security solutions provider Futurex.

Denne historien er fra 1st September 2024-utgaven av Business Today India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

Denne historien er fra 1st September 2024-utgaven av Business Today India.

Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.

FLERE HISTORIER FRA BUSINESS TODAY INDIASe alt
"Moving to cloud helped us grow❞
Business Today India

"Moving to cloud helped us grow❞

What was the problem you were grappling with?

time-read
1 min  |
November 24, 2024
She's Got Time
Business Today India

She's Got Time

MORE WOMEN ARE BECOMING WATCH CONNOISSEURS, SEEKING OUT BOTH JEWELLED AND TECHNICAL WATCHES FOR THEIR STYLE AND CRAFTSMANSHIP

time-read
3 mins  |
November 24, 2024
RISING STAR
Business Today India

RISING STAR

PARUL GULATI IS a name that's been steadily gaining prominence in the Indian entertainment industry after she appeared on season 2 of Shark Tank in 2023. She has become a multifaceted personality who effortlessly transitions between acting and entrepreneurship.

time-read
1 min  |
November 24, 2024
Building on a Legacy
Business Today India

Building on a Legacy

WHEN ZAHABIYA KHORAKIWALA stepped into her role as Managing Director of Wockhardt Hospitals over a decade ago, she confronted formidable challenges that have since turned into achievements.

time-read
1 min  |
November 24, 2024
LEADER IN INNOVATION
Business Today India

LEADER IN INNOVATION

AS FEDEX'S PRESIDENT (Middle East, Indian subcontinent and Africa), Kami Viswanathan has a lot on her plate.

time-read
1 min  |
November 24, 2024
WAITING IN THE WINGS
Business Today India

WAITING IN THE WINGS

Here are those who missed out as they have not yet completed a year in office; they'll be strong contenders in 2025

time-read
1 min  |
November 24, 2024
A DECENT PROPOSAL
Business Today India

A DECENT PROPOSAL

IN TODAY'S WORLD OF TRYING TO CREATE AN EQUITABLE SPACE, BOTH MEN AND WOMEN CONTRIBUTE TO THEIR HOUSEHOLDS. WOMEN ARE ENCOURAGED TO HAVE THEIR OWN SAVINGS POOL AND INVESTMENT ROUTINE. GIVEN THIS, HOW SHOULD FUTURE BRIDES APPROACH FINANCIAL PLANNING?

time-read
5 mins  |
November 24, 2024
Women and the STEM Bias
Business Today India

Women and the STEM Bias

EMPOWERING WOMEN IN STEM WILL NOT ONLY BENEFIT INDIVIDUALS, BUT ALSO STRENGTHEN THE ENTIRE INDUSTRY, DRIVING INNOVATION AND PROGRESS.

time-read
3 mins  |
November 24, 2024
ROCKET WOMEN
Business Today India

ROCKET WOMEN

WOMEN IN INDIA ARE NOT ONLY VENTURING INTO SPACE BUT ARE ALSO STARTING TO SPEARHEAD THE COUNTRY'S EFFORTS IN THE GLOBAL SPACE RACE.

time-read
6 mins  |
November 24, 2024
ONE STEP FORWARD
Business Today India

ONE STEP FORWARD

THE NUMBER OF WOMEN INDEPENDENT DIRECTORS IS GROWING STEADILY, BUT IT'S A LONG WAY FROM GENDER PARITY. MUCH MORE NEEDS TO BE DONE TO BREAK THE GLASS CEILING IN BOARDROOMS.

time-read
6 mins  |
November 24, 2024