Open AccessCapacity Building in Cyber Security to Make India Secure to go Cashless
Author(s) -
I Chitra,
Sumangala Devi
Publication year - 2019
Publication title -
international journal of recent technology and engineering
Language(s) - English
Resource type - Journals
ISSN - 2277-3878
DOI - 10.35940/ijrte.b1484.0982s1119
Subject(s) - currency , debit card , business , payment , commerce , denial of service attack , credit card , database transaction , government (linguistics) , bank account , legal tender , computer security , finance , economics , the internet , monetary economics , computer science , linguistics , philosophy , world wide web , programming language
Recent developments have accelerated to move in India towards a Cashless economy. The Jan Dhan Yojana (Jan Dhan Government Scheme) announced in 2014 is providing for the cost free creation of a bank account for every Indian family. Each bank account is also accompanied by a Rupay Debit card for withdrawing money deposited in the account. The currency demonetization at the end of the year 2016, with the removal of certain denomination of bank notes. The additional initiatives and service offerings are also now encouraging the use of cashless transaction via, online banking, payment cards, e-wallets, direct carrier billing and crypto currency. A study said, as India changes to a large scale economy, cyber dangers are in a new high with the amount of these incidents happening in banking methods rising in the previous five decades. The research demonstrated that demonetization has provided an impetus into e-wallet providers and cellular wallets have seen a huge growth in downloads. Additionally, cyber- risks will only grow as India will be seeing a change towards a strong economy. The kinds of cyber security events like Phishing, scanning, site intrusions and defacements, virus code and denial of service attacksmay keep growing. The joint research by Assocham and PWC stated on ATM card hackstruck on the Indian banks in October this past year, impacting approximately 3.2 million debits. The cyber strikes on Indian sites have increased almost five times before four decades.