If 2016 was measured as the year for demonetization, then 2017 might be kept in mind as the beginning of the age of transaction breaches in India. As a transaction forensic investigator, what is more concerning that most of these attacks might have been prevented if fundamental safety essentials were administered. Global digital transaction bionetwork have seen huge amount of modernism in the previous decade. From laborious, cheque-based, and time-intensive system to digital transactions that are finished in a flash of a second, we have arrived a long way. This drift is going to carry on and the sector is going to see additional disruption.
Digital transactions are believed to assist in boosting GDP, reducing corruption, and help improve tax compliance in different developed nations. India will also advantage by becoming cash-less in the time to come. Nowadays, India has a lot of cashless techniques—mobile wallets, banking cards, UPI, AEPS, Micro-ATMS, BHIM, Internet banking, and so on. Banking cards are our popular credit, debit, and pre-paid cards. They have been in the network for quite long and carryon to develop with elevated number of establishments and shops accepting them.
Mobile wallets are utilized to make transactions on the basis of a QR code or mobile number of the other party. Mobile wallets and BHIM/UPI ride on the smartphone. The failure or success of mobile-based transaction in the country is something that we must eagerly watch as we work on different opportunities and constraints.
While it is inspiring to note the development India has made on digital transactions, it is also evenly significant to understand that safety of information is the spine of this new approach of life. Without safety, digital transactions have the jeopardy of breaking the very base of trust on which it survives. Protecting main data components that are processed, stored, as well as transmitted in the complete transaction lifecycle is imperative as these components can be altered to carry out fraud. For all its positives, digitization of transactions also makes the specter of breaches of the information of billions of users if they are not protected properly.