Cashless Economy

This Article on “Is Cashless Economy Eliciting Cyber Crimes?” is written by Ishita Mehta.

As we say that everything comes with its own cost. Digital Cashless transaction might seem like a very convenient option after the demonetization, which is leading India towards a Cashless Economy but, it all does come with its own cons.

After the announcement of demonetization, a majority of people from the urban area are using online methods for payments through e-wallets and plastic money. Most of the payments and transactions are done via online payments through mobile phones, which can lead to mobile frauds. The number of people using the internet is increasing day by day. This might lead to increase or boost in more cyber crimes.

Growing Illicit Practices due to Cashless Transactions

Online applications like Paytm, PayPal etc. seem like a very good option in the times of demonetization but, our major concern here is – can it lead to boosting up of cyber crimes?

Another problem is that the money which is lost in the cyber crimes is way more than the money which is actually recovered. Currently, there are millions of users of the internet and these users are increasing day by day as more and more people are having access to mobile phones. People are aware of the risks that are involved in cyber crimes but, they are still not ready to have security.

As,

  • They tend to use unprotected device;
  • They are leaving their other devices vulnerable to ransomware;
  • There are a lot of malicious websites which are been developing.

While the monetary and political measurements of demonetization are by and large fervently, the national security measurements of this move has still not completely been fathomed by the government. One of the announced intentions in demonetization is to move towards a money based economy to a cashless economy at great extent. In fact, one of the primary organizations to praise the demonetization was Paytm – an organization that took out full paper advertisements commending the move. Different organizations that ought to celebrate are installment portal framework organizations like – Visa and MasterCard. RuPay likewise gave out their points of interest over the built up remote ones by predominantly, significantly bringing down the charges.

RuPay likewise gave out their points of interest over the built up remote ones by predominantly, significantly bringing down the charges.

Cashless Economy – Posing A Major Threat!

A Cashless economy will definitely lead to more dangerous cyber crimes. Though the Indian government has asked all the banks to waive off the debit card charges, this means that no transaction fees will be cut off if the person uses his or her debit card as a method of payment. But still, the experts are saying that cyber crimes’ danger is yet to stay.

Who Are The Major Targets To the Cyber Crime?

A lot of people do not know how to use the internet methods for online transactions. These people can be said to be the major targets for most of the cyber-crimes. As they have difficulties in understanding how to use the internet method and also they are not aware of the consequences of using online methods without protection.

Kinds Of Frauds Related To A Cyber Crime

  • Crime Against A Person

A recent survey has brought to light that the major cyber crimes are related to the credit cards’ and debit cards’ fraud. It is followed by a lot of complaints related to cyber-bullying, like-morphed photos, stalking, threatening to lead images online.

We also have been cheated cell-phones, have got our email id’s hacked, despite all this, cyber crimes’ victims continue to work in this risky business.

  • Crimes against property

Licensed Innovation Crimes

Intellectual property comprises of a heap of rights. Any unlawful demonstration by which the proprietor is denied totally or somewhat of his rights is an offense.

The normal type of IPR infringement might be said to be programming robbery, encroachment of copyright, trademark, licenses, outlines and administration check infringement, burglary of PC source code and so on.

Cyber-Squatting

It implies where two people guarantee for a similar Domain Name either by asserting that they had enlisted the name first, by right of utilizing it before the other, or by utilizing something like that already. For instance, two comparative names i.e. www.yahoo.com and www.yaahoo.com.

Digital Vandalism

Vandalism implies intentionally annihilating or harming property of another. Along these lines, digital vandalism implies crushing or harming the information when a system administration is halted or disturbed.

  • It might incorporate inside its domain any sort of physical mischief done to the PC of any individual.
  • These demonstrations may appear as the burglary of a PC, some part of a PC or a fringe connected to the PC.

Hacking Computer System

Hacktivism assaults those included Famous Twitter, blogging stage by unapproved get to control on the PC. Because of the hacking action, there will be the loss of the information and also the PC.

Likewise, inquire about particularly demonstrates that those assaults were not primarily planned for monetary benefits as well and to lessen the notoriety of specific individual or organization. The recent example is the hacking of Rahul Gandhi twitter account.

Transmitting Virus

  • Viruses are the projects that join themselves to a PC or a document and afterward course themselves to different records and to different PCs on a system.
  • They rule influence the information on a PC- either by changing or erasing it.

Digital Trespass

It intends to get into somebody’s PC without the correct approval of the proprietor and does not aggravate, adjust, abuse, or harm information or framework by utilizing remote web association.

Web Time Thefts

Basically, Internet time robbery goes under hacking. It is the utilization by an unapproved individual of the Internet hours paid for by someone else.

The individual who accesses another person’s ISP client ID and secret key, either by hacking or by accessing it by illicit means, utilizes it to get to the Internet without the other individual’s information. You can recognize time robbery if your Internet time must be reviewed regularly notwithstanding, occasional utilization.

  • Crimes against Government

Digital Terrorism

Cyber fear based oppression is a noteworthy smoldering issue in the local and additionally worldwide concern.

The normal types of these fear on the Internet are-

  1. By dispersed disavowal of administration assaults;
  2. Detest sites and detest messages;
  3. Assaults on computer systems, and so on…

Digital fear mongering exercises jeopardize the integrity and uprightness of the country.

Digital Warfare

It is politically roused hacking which leads to damage and undercover work. It is a type of data fighting in some cases, seen as similar to traditional fighting.

Ownership of Unauthorized Information

It is anything but difficult to get to any data by the fear of terrorists with the help of internet to have the data for political, religious, social, ideological goals.

Preventive Measures To Curb Cyber Crime

There have been various methods to protect the individual from cyber crimes.

  • There are instances of effective public and private partnerships,
  • There will be promotion done on the R&D systems.
  • There should be human resource development and that can be done through training and various education systems on how to protect any individual from cyber threats.
  • There are a lot of initiatives taken to support the plans and the schemes. Such as-

¤  There are rural areas which need proper implementations as they are hardly aware of cyber crimes and cyber threats.

  • The Indian army has been focusing on establishing the command force to give more weight to the security relating to the cyber offenses. India needs a secure cyber eco -system.
  • There has been a 24*7 centre set up to protect individuals from crimes and to register their complaints.

We often see that in India there is no standard platform adopted and there is a probable need to make a platform to regulate the security practices.

  • There are budgets set for most of the things in India and there is a need to set up a financial cyber budget too.

Conclusion

There is an urgent need for data localization in India. India needs to have and attain high awareness with respect to plastic money concept too, that’s when India’s attempt towards cashless economy will become secure.

There are both pros and cons to a money related cyber community where money no longer assumes a part of significance. India is a phenomenal case of how things can escape hand rather rapidly in the coming months.

Many individuals are not instructed on how they ought to take benefit of Cashless economy, which accidentally makes them a high-esteem focus for web offenders.

To put this line of reasoning into a point of view, these individuals are more inclined to phishing and social building assaults.

  • In the event that one is not certain about how to use Internet functions, each kind of contact or offer will appear to be genuine.
  • Utilizing sound judgment will dependably win at last however, it might take more established eras to earn a couple of hard lessons before they figure out how this actually works.
  • Heading towards a Cashless Economy remains a good option for just a short term period of time but, not in a long run.
  • Advanced instalments are grabbing hold in different parts of the world yet, the versatile misrepresentation rates are going up in the meantime. An almost negligible difference should be strolled amongst comfort and misrepresentation dangers with regards to computerized installments.
  • There soon will be reduction in the supply chains. Open standards will set up as India needs transparency of the system.

What do you think about effects of Cashless Economy? Positive/Negative? Whatever it’s, drop a comment in the comment box below, we’ll love to have a discussion.

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