The need for cutting-edge technologies for secure banking infrastructure

Our lives today are entrenched in the digital space. Transacting online is a big part of this. Be it paying bills, booking tickets, shopping online or doing bank transactions; the list is endless. We might assume that all our transactions are intrinsically safe, but alas, that is far from the truth.

Cybercrime is at an all-time high in India. According to CERT-In, the nodal agency that deals with cyber security threats and operates under the information technology ministry, the first two months of 2022 reported more cybercrimes than the entire 2018 in the country. Cyber fraud incidents went up from 2,08,456 in 2018 to 14,02,809 cases in 2021. That is definitely a cause for concern given that, on the backs of the digital India promise, people are losing their hard-earned money. The only way to counter this is for the banking sector to take a close, hard look at how they are being defrauded and take immediate yet well-thought-out steps to prevent it.