The rise in digital payments and the availability of multiple digital services has seen a proportional rise in financial cyber crimes in India. It has also emerged as one of the most pernicious side effects of the COVID-19 pandemic, as digital transactions have increased dramatically.
The study draws on complaints filed with Haryana’s unique cyber crimes police station to understand the impact of online fraud on retail digital payments. It is a first-of-a-kind study that uses quantitative data along with qualitative and legal analysis to provide a comprehensive view of the impact of cyber crimes on India’s digital growth ambitions. Authored jointly by a serving Indian Police Service officer and experts from DeepStrat and The Dialogue, the study provides insights from law enforcement, banks, digital payment companies, courts and policymakers.
The study also comes up with a series of recommendations that can help banks, financial institutions, policymakers and all stakeholders in India’s digital payments ecosystem to build a robust cybersecurity framework. A key finding is that the lack of a credible deterrence against online financial fraud is a major barrier to greater adaptation of digital payments. This study is an attempt to address and remove that barrier.
Authors:
- Mr. Chander Mohan, IPS, Superintendent of Police, Haryana,
- Mr. Saikat Datta, Founding Partner, DeepStrat
- Mr. Anand Venkatanarayanan, Strategic Adviser, DeepStrat
- Mr. Kazim Rizvi, Founding Partner, DeepStrat & Founding Director, The Dialogue
