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Financial Crimes, Identity Thefts on the Rise in India, Says Report
April 18, 2019
Financial frauds are increasing rapidly in India, a report by financial technology services company FIS said. It said that the number of victims has doubled to 37% of respondents and that while digital transactions are becoming popular across the country, the users are yet to learn the basics of security and how to protect their personal information from cyber-attacks like phishing emails and other forms of social engineering.
The report said that UPI 2.0 has benefitted the merchants a lot as they can now use overdraft service, verify invoices before clearing payments, etc. It also said that India is far ahead of top economics like the US and the UK in terms of adopting mobile payments.
Photo credit: European Parliament Technology – DG ITEC on Visual Hunt / CC BY-NC-SA
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