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.
Bu hikaye Business Today India dergisinin 1st September 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Business Today India dergisinin 1st September 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
The EV Craze
The country’s growing luxury car market is seeing a shift with environmentally-conscious consumers betting on electric vehicles as a sustainable travel option. Though just 6%, the share of EVs in the luxury segment is rising rapidly
The Storage Boom
Data centres are being built at a frenetic pace in india as companies scramble to meet the ballooning demand from mobile phone users and firms adopting al. Can the country’s energy infrastructure keep up?
India Beckons
Owing to rising incomes in India and overall wealth expansion, luxury brands are wooing the country like never before
The Pearls of The Sea
Caviar, that rare food, is considered the epitome of fine dining. Here is everything that you need to know about it
66.Brand persona should define the core"
I’d say this was a strategic pivot. We had an iconic brand, but had, over time, evolved into diversified lines of businesses that could no longer be represented within the confines of our ‘name’.
Unwind in Style
Here is acomprehensive list of top tech picks that help you unwind by blending perfection in performance with luxury
A Lifelong Affair with Inspiration
In my art journey, the diversity of my acquisitions mirrored the expanding horizons of my understanding of art
Make it Bubbly
Champagne is much more than just a symbol of celebration and success. Know about its nuances beyond the bubbles
Palatial Splendour
Buoyed by renewed demand, sales of the glitzy mansions of the ultra-rich are surging like never before. Real estate majors are looking to capitalise on this by launching luxury offerings in record numbers
Of Beaches and Cream
GianChand Single Malt Whisky
