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As digital pay opens up,online frauds are growing in the digital payment space

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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.

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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.

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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.

Paytm

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.

Tap To Explore More : Economic Times

Also Read : Temporary retention of GST cess in CFI is not diversion, says FinMin official

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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

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Delhi Weather and AQI Today: Warm start at 22.05 °C, check weather forecast for October 22, 2024

Check the weather forecast and air quality updates for Delhi on October 22, 2024 here.

The temperature in Delhi today, on October 22, 2024, is 32.93 °C. The day’s forecast indicates a minimum and maximum temperature of 22.05 °C and 35.04 °C, respectively. The relative humidity is 26% and the wind speed is 26 km/h. The sun rose at 06:26 AM and will set at 05:44 PM.

Tomorrow, on Wednesday, October 23, 2024, Delhi is predicted to experience a minimum and maximum temperature of 27.42 °C and 34.91 °C, respectively. Tomorrow humidity levels will be at 20%.

With temperatures ranging between 22.05 °C and 35.04 °C, prepare for a hot day and plan outdoor activities accordingly. If you are sensitive to heat, take note of the weather forecast and consider appropriate attire and activities suitable for the prevailing weather.

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The AQI in Delhi today stands at 334.0, falling in the very poor category. Everyone should be cautious. Children and people with respiratory diseases, such as asthma, should stay indoors and others should also limit their outdoor activities. Usage of masks and air purifying devices is advised. Being aware of the AQI helps one make informed decisions regarding one’s overall well-being while planning the day’s activities.

Weather and AQI predictions in Delhi for next 7 days:

DateTemperatureSky
October 23, 202432.93 °CSky is clear
October 24, 202432.69 °CSky is clear
October 25, 202432.5 °CSky is clear
October 26, 202432.07 °CSky is clear
October 27, 202430.69 °CSky is clear
October 28, 202431.29 °CSky is clear
October 29, 202432.09 °CSky is clear

Weather in other cities on October 22, 2024

CityTemperatureSky
Mumbai28.35 °CLight rain
Kolkata28.84 °CSky is clear
Chennai28.94 °CLight rain
Bengaluru25.53 °CModerate rain
Hyderabad27.75 °CModerate rain
Ahmedabad31.9 °CSky is clear
Delhi32.93 °CSky is clear

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