It has become popular among some industry experts to say that the digital transformation in the banking industry has accelerated in the wake of the pandemic. Multiple market players and government policies geared towards digitization have resulted in increased investment in the FinTech sector from venture capitalists. Fintech startups are revolutionizing the financial services landscape in India.
With technological advancements and increased digital penetration, cybercriminals and fraudsters are now busier than ever. Digital lending through various online platforms has become one of the many new lucrative habits, as more and more online business has grown due to the pandemic and lockdowns, online frauds have also become more common. Scammers and fraudsters come up with new ways to scam people.
According to media reports, crooks are targeting bank customers in India using a new phishing attack to collect sensitive information such as internet banking information, cell phone number and OTP to conduct fraudulent transactions, the company warned. cybersecurity agency in the country in its latest opinion.
The malicious activity is carried out using the ngrok platform, a single web application. India’s nodal cybersecurity agency, India’s Computer Emergency Response Team (In-CERT) has issued a notification warning internet banking users of phishing attacks.
CERT-In is the federal tech arm to fight cyber attacks and protect cyberspace against phishing and hacking attacks and similar online attacks.
Malicious actors abused the ngrok platform to host phishing websites masquerading as online banking portals of Indian banks, ”CERT-In said Tuesday.
Hackers have stolen more than $ 600 million worth of Ethereum and other cryptocurrencies by breaching the blockchain-based Poly Network platform, the company confirmed in a tweet on Tuesday. Poly Network is a platform that allows users to trade crypto tokens and has confirmed that thousands of investors have been affected by this latest crypto theft.
Fintech companies process sensitive customer data. Multiple cybersecurity threats lead to massive monetary losses in online transactions. These are totally unjustified for the customers. The technology that offers the convenience also opens up people’s online accounts to scammers looking to steal their assets. This is a constant stream of fintech popularity.
It’s a serious challenge that can make or break the reputation of FinTech startups. Hackers are using a wider range of techniques to monetize and exploit information, and the methods used to acquire this information are increasingly stealthy and sophisticated, making it difficult to defend and detect such attacks.
For example, with advanced techniques enabling covert surveillance, attackers can monitor and steal data, often sensitive proprietary information or strategies – commercial, political, or military – over an extended period of time without detection.
Enabling end-to-end secure transactions is imperative, not a choice. After all, technology should be about convenience, not baffling.
Data privacy, cybersecurity, and data breach issues are especially prominent in the fintech space.
For the softer ones in the market, becoming maneuverable is a dreadful task that takes a lot of effort. Unauthorized use could be a liability and put these companies in legal hot soup. As such, the privacy and data policy must be placed in the best interests of consumers.
Bringing together high-value digital data and customers within mobile payment apps and then delivering a hassle-free experience is a colossal task. Although the future of digital wallets looks very bright, fintech companies face many challenges when introducing any type of e-wallet to the market.
(Amit Kumar is the founder of GalaxyCard, a loan solutions company)
Posted on: Wednesday August 25, 2021 2:17 PM IST