India faces threats of a cashless economy

Indian banking customers are being made to pay a price for convenience with the spiral of crimes like phishing, identity theft, card skimming, cloning and vishing defrauding them of their hard-earned money. As the Government increasingly pushes for a cashless, digital economy, banks steadily adopt new technologies and online transactions shape what we buy and sell, the consumer is consequently becoming more vulnerable. This is borne out by a recent survey that says illegal transactions involving ATMs, credit and debit cards and internet

banking have gone up by 50 per cent in 2018-19 with 27 per cent of ATM frauds being reported from Delhi alone. These numbers are worrying as they come in the wake of the data sale reported by a cybersecurity firm Group-IB in October. In a revelation that exposed vulnerabilities in the banking and payment platform networks and the Reserve Bank of India (RBI) alike, the firm reported finding more than 1.3 million card details up for sale on the dark net.

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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.

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