When was the last time you read about money getting siphoned off from bank accounts or hacked credit card personal identification numbers (PINs) being misused to go on a shopping spree on the Internet? All these are typical examples of online fraud or what is called “cyber crime.”

Banks are the most favourite destination of hackers. As AN Roy, Commissioner of Police, Mumbai, avers, “Hacking a website or writing a programme that will spread virus on computers will not earn money. By hacking website of a bank or stealing a credit card PIN, a street-smart programmer can, besides enriching himself, cause lot of damage to banks and their customers alike.” Hence the question is, in India, how safe are online money transactions?

“I would think twice,” says Vijay Mukhi, chairman of Nasscom’s special interest group for security, when asked about the safety of online transactions in India.

Banks have invested in information technology so that customers have the convenience of transacting from anywhere, anytime. However, if they do not take adequate measures to strengthen their security network, cyber crime cannot be arrested, he says.
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Source : FinancialExpress