New Delhi: Internet users need to beware of online frauds and scammers as cyber security is under constant threat. Experts said this requires higher risk awareness and greater coordination through a concerted action between the government, enterprises, financial service providers and the public.
Times Verified Session ‘Financial scams via social media and messaging: How to stay safe?’ Speaking at the event, experts from various stakeholder groups said that the cyber security mechanism remains vulnerable, and round-the-clock monitoring is needed to protect users. SS in session. such as experts SarmaDirector (Operations) at CERT-In, Shalini, the country’s cyber security agency WarriorDirector & Head of Business (Retail) at federal bank, Ranjit BellaryAssociate Partner (Forensic and Integrity Services) at EY Indiaand Amit Rilen, co-founder and director of mFilterIt, which provides end-to-end ad-fraud detection and prevention services.
Speaking at the session, Warrior said there is a “reasonable level of control” over online financial crimes – despite the growing threats – due to the actions being taken by regulators, law-enforcement agencies and banks. She said online fraudsters are constantly innovating in terms of the nature and sophistication of scams and engaging users by luring them into fake prize programs (lottery winnings and inheritance). is i malpractice, pension and job fraud, among other malpractices such as ransomware. “From the point of view of banks, cyber security is very high on the priority list.
For example, 15-16% of Federal Bank’s annual technology budget is devoted to cybersecurity and security measures. Sarma of CERT-In said that internet frauds are constantly evolving, and cases are increasing due to online engagement of users. “We need more awareness campaigns, especially on the local languages front. mFilterIt’s Relan said technologies such as AI and machine learning are being deployed to track fraud and prevent repetition. “Of the advertising budget, approximately 12% to 14% of spending is wasted in fraud… it requires a greater collaborative approach among ecosystem players such as the government, service providers and regulators, as both reserve Bank of India And TRAI will play an important role. EY’s Bellary said that while security agencies and enterprises keep a close watch, it is also the responsibility of consumers to be vigilant against scamsters during online activities.
Times Verified Session ‘Financial scams via social media and messaging: How to stay safe?’ Speaking at the event, experts from various stakeholder groups said that the cyber security mechanism remains vulnerable, and round-the-clock monitoring is needed to protect users. SS in session. such as experts SarmaDirector (Operations) at CERT-In, Shalini, the country’s cyber security agency WarriorDirector & Head of Business (Retail) at federal bank, Ranjit BellaryAssociate Partner (Forensic and Integrity Services) at EY Indiaand Amit Rilen, co-founder and director of mFilterIt, which provides end-to-end ad-fraud detection and prevention services.
Speaking at the session, Warrior said there is a “reasonable level of control” over online financial crimes – despite the growing threats – due to the actions being taken by regulators, law-enforcement agencies and banks. She said online fraudsters are constantly innovating in terms of the nature and sophistication of scams and engaging users by luring them into fake prize programs (lottery winnings and inheritance). is i malpractice, pension and job fraud, among other malpractices such as ransomware. “From the point of view of banks, cyber security is very high on the priority list.
For example, 15-16% of Federal Bank’s annual technology budget is devoted to cybersecurity and security measures. Sarma of CERT-In said that internet frauds are constantly evolving, and cases are increasing due to online engagement of users. “We need more awareness campaigns, especially on the local languages front. mFilterIt’s Relan said technologies such as AI and machine learning are being deployed to track fraud and prevent repetition. “Of the advertising budget, approximately 12% to 14% of spending is wasted in fraud… it requires a greater collaborative approach among ecosystem players such as the government, service providers and regulators, as both reserve Bank of India And TRAI will play an important role. EY’s Bellary said that while security agencies and enterprises keep a close watch, it is also the responsibility of consumers to be vigilant against scamsters during online activities.