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As digital pay opens up,online frauds are growing in the digital payment space
With the adoption of technology, there has been a significant rise in digital payments in India. At the same time, the threat landscape has mushroomed too.
Addressing the rising concerns, Data Security Council of India along with PayPal has conducted a joint study highlighting the sophisticated online payment frauds and threats in the payment ecosystem.
As the e-commerce transaction process entails multiple entities at different stages, such as marketplace, merchants, payment gateways, financial institutes, apart from the consumers, each of them can act as a vulnerability or attack point for malicious actors. The study categorises e-commerce frauds broadly in three categories – buyer side, merchant side and cyber-security.
The buyer side fraud includes fraudulent claims, chargebacks, fake buyer accounts, promotion/coupon abuse, whereas the merchant side frauds include selling counterfeit and non-fulfilment. The cyber-security frauds include account takeover, identity theft, card detail theft and triangulation fraud, etc.
The government has taken actions to counter the risks and frauds in the digital payment space. The RBI has issued guidelines on Regulation of Payment Aggregators and Payment Gateways which attempt to regulate in entirety the activities of payment aggregators and provide baseline technology-related recommendations to payment gateways. The RBI has also directed banks to introduce additional measures to secure electronic mode of payments like RTGS, NEFT and IMPS.
Turn Around Time (TAT) and customer compensation for failed transactions using authorised payment systems have been prescribed. Even banks have been advised to provide online alerts for all card transactions — Card Present (CP) and Card Not Present (CNP). It also directed them to mandatorily put in place an Additional Factor of Authentication (MFA) for all CNP transactions. The RBI has issued directions limiting the liability of customers in unauthorised electronic banking transactions.
The fraud prevention measures and upcoming technologies to the rescue suggestions include IP Geolocation to verify consumer’s data to determine the location at the time of purchase, rules engines to allow merchants to create rules that will be evaluated on orders as they come such as ‘decisioning software’, ‘order management’, proxy IP address detection for instant detection of anonymous IP addresses, machine Learning for real-time insights to detect the fraudulent behaviour instantly, automated Workflow to speed up payment fraud checks, blocking suspicious devices, fulfilment and cancellation of fraudulent orders, etc., insights dashboards such as reports on suspicious activities in a single interface facilitating the entire fraud screening process immediately, device finger-printing to stop frauds at its root, based on device fingerprints from the browser and operating system to language and location.
In line with the Digital India vision, digital payments are on an accelerated growth path. As much as 925 million and 47 million debit and credit cards have been issued respectively, as of March 31, 2019. And UPI alone has clocked 1.49 billion in volume and $41 billion in transaction value, in July 2020. The study highlights that the internet userbase in India is expected to grow to 835 million by 2023 from 560 million in 2018. MSMEs adopting digital channels and transformation have grown twice as compared to their peers using traditional approaches. The retail sector is increasingly leveraging advanced AI technologies like machine learning, computer vision, conversational AI, Data Science and NLP to bring out the better user experience. E-commerce is gaining traction; the market is expected to grow to $200 billion by 2026 from the $50 billion in 2018. The growth of online shoppers is 73 per cent for tier-I and a staggering 400 per cent for tier-II and tier-III cities.
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health and remedies
Train smarter, not harder: How taking occasional breaks from gym can revolutionise your fitness routine
Taking regular breaks from intense training, like deload weeks, helps your body recover, preventing fatigue and injury, and ultimately boosts fitness gains.
When it comes to getting fit, the idea of spending hours at the gym might come to mind, but many fitness experts argue that taking a “deload week” every six to eight weeks is actually key to improving your fitness gains. A deload week involves reducing the intensity of workouts to allow the body to recover from the fatigue and muscle damage caused by intense training.
While high-intensity training helps build strength and fitness, it can also lead to muscle strain, and without adequate recovery, these gains can’t fully materialise. Deload weeks give the body much-needed rest to repair and rebuild, ensuring continued progress. (Also read: Bhagyashree swears by this super easy exercise for instant leg pain relief and better mobility. Watch how to do it )
Why recovery is key for muscle growth
According to an article by The Conversation, intense exercise can cause tiny tears in muscle fibres, leading to inflammation that requires rest or low-intensity exercise to heal. This inflammation is essential for muscle growth and fitness improvements. However, without proper recovery, muscles remain in a state of slight damage, preventing inflammation from resolving. This chronic state of inflammation can hinder muscle function, reducing oxygen efficiency and impairing performance. Giving muscles time to recover through rest ensures they repair properly and are primed for continued progress, setting us up for greater success in our fitness journey.
Many gymgoers fear taking time off and are worried it will lead to a loss of gains. However, research shows that muscle genes have a “memory imprint,” which keeps them in a semi-prepared state. This allows muscles to respond more quickly and effectively to future training, promoting growth after a rest period. Even after extended periods of reduced intensity, up to seven weeks, muscular fitness can be restored to prime condition—and in some cases, surpass previous levels. Interestingly, recovery can occur twice as fast as it took to reach peak fitness initially, even if some strength is lost.
Taking time off from intense training is crucial to prevent muscle soreness and avoid overtraining syndrome. Overtraining occurs when the body doesn’t get enough rest, leading to prolonged fatigue, decreased performance, and mood disturbances. Symptoms develop gradually, making overtraining difficult to recognize until it’s severe. Rest is essential to avoid these issues and ensure long-term progress in training.
Role of overtraining syndrome and deload weeks
Overtraining syndrome is challenging to quantify due to its vague symptoms. Studies suggest it may affect as few as 10% of elite athletes, though rates could climb to 60% among highly competitive individuals. Recovery is essential for both fitness and overall health. When engaging in heavy gym routines, it’s vital to incorporate sufficient recovery time into your workout plan. Unlike rest days, which involve little to no exercise once or twice a week, deload weeks feature lighter training at reduced intensity—typically about 50% fewer workouts or a 20% drop in workout intensity.
Both rest days and deload weeks are essential for recovery and crucial to improving fitness. It’s not about choosing one over the other—they complement each other. For instance, intense training for marathons, Ironman, or CrossFit competitions requires weekly rest days alongside scheduled deload weeks. However, for recreational gym-goers exercising 1–3 times weekly at a moderate intensity, the recovery from this routine is often sufficient without the need for additional deload weeks.
Fitness influencers recommend incorporating deload weeks into training schedules every 4–8 weeks, aligning closely with the expert advice of 4–6 weeks. However, it’s crucial to listen to your body and schedule deload weeks as needed. If your performance plateaus or worsens, it may signal time for a deload. Training plans should be flexible enough to allow rest when required. Deload weeks not only enhance performance but also support overall health.
Disclaimer: This article is for informational purposes only and not a substitute for professional medical advice. Always seek the advice of your doctor with any questions about a medical condition.
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