17,000 new credit cards issued by ICICI linked to wrong users

Online fraud attempts originating from India fell in Q2 of FY22 compared to Q1 of FY21 says a quarterly analysis by TransUnion, a globally recognised body monitoring the world of digital transactions. The real reason for cheer is that during this time window, there has been a 16.5% rise in fraud attempts globally, while the drop in India was at a dramatic 49%. In a country that is stepping up digital transactions as a policy measure, such news can only bring unalloyed relief. The drop in cyber attacks is being attributed to increased policing and improved measures by the authorities of different financial services institutions and the constant prod by the banking regulator Reserve Bank of India and governments at the Centre and the states.

While the news certainly brings relief to the expanding section of the people who are embracing digital transactions, there is hardly any scope for complacency. Thieves are always one step ahead of policemen and the dip in the crime and the situation can easily reverse once the thieves find a way around the fences erected around the financial services ecosystem. Even if fraudsters take a break, the cops can’t.

Moreover, the report indicates that thwarted by the tightening measures in financial services, fraudsters have directed their energy towards travel, leisure, logistics, gaming and online forums. It could well be that the instances of frauds and swindling that customers of financial services industry faced could now befall the players in these industries. It is obvious that travel and leisure are two domains with huge retail participation and they can be targeted by fraudsters quite easily. It might be time for a wake-up call for these domains and the players in these sectors.

As the world goes digital, policing the cyber world deserve more attention and resources. In 2020, India moved up 37 places to rank as the 10^th best country in the cybersecurity index, said a survey by International Telecommunication Union. However, the gap between the first country, the US, and India is huge. India should aim at rising up the ladder.