When Prime Minister Narendra Modi launched his digital economy initiatives—besides making payments convenient, your money also became more vulnerable to cyber attacks. According to KPMG India’s Crime Survey 2015, financial services and insurance sector was the favourite target for cyber-attacks followed by pharmaceuticals and chemicals. This is in sync with the fact that 63% financial assets of the country are in the banking system followed by insurance at 19%, according to the Financial Stability Board Peer Review Report of India 2016.
The nature of cyberattacks on digital payment channels ranges from phishing to merchant fraud, according to the KPMG report Digital Payments-Analysing The Cyber Landscape, which was released in April. Mint Money has taken you through some of the cyberattacks that happen. You can read about them here. Here is a look at a few more.
