Cashless economy questions our security systems

Advancement in technology has made all of us dependent on the internet and just like every coin has two sides, usage of the internet also has two sides. We have become so engrossed with the advantages of technology that we have sidelined the disadvantages of the same. Technology-oriented or computer-related security risk is called Cyber Crime. There are classifications of cybercrime among which Financial Fraud crimes, Cyber terrorism, Cyber Extortion, Cyberwarfare, Computer as a target, Computer as a tool, Obscene or offensive content, Online harassment and Drug trafficking are the most prominent ones.

Cyber Crime in BFSI

The Banking, Financial Services and Insurance (BFSI) sector is an industry that provides financial products and services. The term Banking includes core banking, investments, etc. Stock-broking, mutual funds, payment gateways, etc., are under Financial services. The Insurance part covers life insurance and general insurance. Cybercrime in BFSI sector has been increasing and has become a major cause of worry not only among the financial institutions but also among the people. More and more people are now keeping their money with banks and financial institutions. They are investing in mutual funds and are also opting for insurance companies. In such a scenario they are preferring digital platforms, which are highly prone to cybercrime.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.

The cashless society from an ethical point of view

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