80% of cybercrime unreported, complaints up after note ban

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After the move to demonetise currency, most people may have been forced to use digital transaction, and have ended up getting duped by fraudsters, cyber experts said on Monday. Close to 80% of cybercrimes are not reported, they said.

According to cyber security experts, demonetisation has opened a Pandora’s box of cybercrime, most of which is not reported. Speaking at a conference on ‘Cashless transactions and cyber security,’ Rachakonda police commissioner Mahesh M Bhagwat said it was important for people using digital transactions to tread with caution as criminals are always updating themselves.

“Many cybercrimes in the city are going unreported, we want the people to come forward and lodge complaints. If they do not do so we cannot take action against the ac cused. As more people use digital transactions, the number of cases of cybercrime is also going up now,” Bhagwat said.

I L Narasimha Rao, pro ject manager at Centre for Development of Advanced Computing , asked officials to encourage people to report cybercrime cases.

“Close to 80% of the cyber crime that takes place goes unreported. In this age, when everyone is using a mobile application to make payments, it is pertinent for them to tread with caution,” he said.

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India stands 11th in the world when it comes cybercrime, and contributes 3% of the total number of cybercrimes that take place across the world, he said.

A lot of scamsters are taking advantage of the opportunity and are stealing people’s credit card, debit card and net banking details. Fraudsters call and ask for details of people’s cards while posing as bank officials. They then use the details to transfer money into mobile wallet accounts, experts said.

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Experts said data-encryption capability is unusual in most mobile ransomware, as it focuses on blocking the device rather than the data, which is usually backed-up to the cloud.

An Assocham report published in October 2016 said that number of mobile frauds is expected to grow by 65% in 2017. Credit and debit card fraud cases have topped the cybercrime charts and increased six times in the last three years, it said.

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