Mounting Cases of Cyber-Attacks and Digital Payment

Introduction

Cybercrime is a comparatively new type of offense around the globe. Cybercrime is defined as any criminal activity that occurs on or using devices, the web, or any other technique recognized under the Information Technology Act, 2000. Criminals not only cause significant damage to society and the government but difficult to nab as well because they disguise their identities to a large extent (Patil, 2022). A variety of unlawful acts are carried out by technically proficient criminals through the internet. In a broader sense, cybercrime refers to any unlawful conduct involving a computer or the internet as a tool, a target, or both. Cyber security is the use of technology, procedures, and policies to prevent cyber assaults on systems, networks, programs, devices, and data. Its goal is to limit the risk of cyber assaults and secure systems, networks, and technology from unauthorized use. Cyber security is one of the most critical matters confronting players in the digital payment ecosystem (Jha & Kumar, 2022).

The term “cybercrime” refers to illegal behavior in which computing devices, such as smartphones, tablets, Personal Digital Assistants (PDAs), and other independent or linked computing devices are utilized as a tool or target of criminal conduct. It is frequently committed by persons with a destructive and criminal attitude for a variety of reasons, including revenge, money, or adventure According to Cybercrime Magazine, by 2025 Cybercrime will cost the globe $10.5 trillion per year. Furthermore, during the next four years, worldwide cybercrime losses are expected to climb by about 15% annually¹. From an Indian perspective cybercrime has increased from 208,456 in 2018 to 1,402,809 in 2021². The development of the digital ecosystem enables the public to access more web applications for financial transactions. The digital payment ecosystem has faced several consequences because of this quick increase and shift in end-user profiles.

Although many of the users are adopting digital payment systems some factors act as barriers to the development of digital payment systems like lack of awareness, lack of strong ecosystem for cashless payment, security concerns, cash payment preference, lack of proper digital regulations, and lack of effective grievances and redressal mechanisms. This leads to chances of getting trapped by cyber assaulters and ultimately financial losses. Assailants are adopting sophisticated, broader techniques in their cyber-attack. These include media manipulation, spyware, and espionage. Most cyber assaults are automated and try to exploit widespread flaws rather than specific websites or businesses. It is a mistake to presume that cyber attackers are uninterested in you. Cyber security is the need of every individual accessing the internet. Ensuring secured payment is an important aspect of cyber security for any company that deals with electronic payments and transactions.

Cyber-Crime

The Internet is one of the most influential innovations of the twenty-first century. Currently, the online world has broken down all barriers and transformed the way we communicate, play games, work, shop, make friends, listen to music, watch movies, order meals, pay bills, and greet family or friends on their special occasions such as birthdays (Al-Zahrani, 2022). As cyber threats and attacks are on the rise, cyber security is the most pressing worry. fraudsters are now using more advanced techniques to target the systems. Individuals, small enterprises, and major corporations are all affected. As a result, all companies, whether IT or non-IT, have recognized the requirement of cyber security and are working on implementing all available countermeasures.