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The LocalCircles survey revealed that 29% Indians share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff. No wonder around 42% of those surveyed reported falling victim to sophisticated cyber criminals.
Despite all its benefits, the digitisation of payments and banking has led to a rise in financial frauds as cyber criminals now have more ways to obtain personal financial data, such as details of debit and credit cards.
The Reserve Bank of India (RBI) data shows that frauds of Rs 60,414 crore were seen in 2021-22. Collectively, the bank frauds have resulted in India losing at least Rs 100 crore every day over the past seven years. According to the Microsoft 2021 Global Tech Support Scam Research report, consumers in India experienced a fairly high rate of online fraud of 69 percent in 2021.
To curb the menace, many efforts have been made by the RBI through financial inclusion, financial literacy and financial security. Despite these efforts, financial experts state that people continue to fall victim to the most common tools used by hackers like…
