Note ban makes India a sitting duck for m-wallet cyber-crimes

NEW DELHI: Post demonetisation, India is expected to be a key target for cyber criminals using malware to attack point-of-sales (POS) devices and mobile wallets this year, security software firm F-secure said on Thursday.

“The increasing number of attacks, especially on Android devices is not a hidden fact. The situation is worrisome in India, when we take into account the kind of increase seen in the volume of online transactions in the last few weeks,” F-secure Corporation President and CEO Samu Konttinen said.

He said India needs to adopt the best security products, especially since transactions through digital platforms like mobile wallets, credit/debit cards and online transactions is set to grow at a rapid pace in the coming months.

Konttinen added that most consumers, however, often don’t feel the need to secure their m-wallets, thinking the security is the responsibility of the company offering the service. F-secure Country Manager India and SAARC Amit Nath said the number of queries it receives from companies has grown in the weeks that followed the government’s decision to scrap the old Rs 500 and Rs 1,000 notes on November 8.

This led to an increased usage of online/ digital payment platforms, including plastic money and mobile wallets, as people faced a liquidity crunch. According to F-secure’s report titled ‘Threat Landscape India 2016 and Beyond’ found that post demonetisation, people have increased the use of mobile wallets including telecom operator-backed wallets, bank-backed wallets as well as independent m-wallets.