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Cashless system exposed to the risk of online fraud

by Communication Team | Mar 09, 2017

Computer_bugThe Payment Card Industry Security Standards Council (PCI DSS) – formed by American Express, Discover Financial Services, JCB, MasterCard Worldwide and Visa International – warned that a shift toward a cashless society has its dangers as digital systems are not immune from online frauds. Scammers use ever more sophisticated strategies to steal customers’ data and have become more organized. Indeed, it is now possible to buy card details and PIN codes on the dark net.

The Reserve Bank of India (RBI) has called the country’s financial institutions to adopt PCI security standards to ensure the safety of their online transactions. Nevertheless, there is a shortage of IT security auditors in India and the RBI needs more experts to support the large base of banks and merchants.

Besides, the international standards body for the payments industry is pushing for the implementation of a cybersecurity breach notification law in the country. Such laws are designed to raise the public’s awareness of online frauds. These laws require entities that have been subject to a data breach to notify their customers and other concerned parties about the issue. Many US states have already enacted notification laws in response to the multiplication of cyber-attacks since 2002.

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