Will the Data Protection Bill make online transactions secure? | The Financial Express

Clipped from: https://www.financialexpress.com/money/will-the-data-protection-bill-make-online-transactions-secure/2661525/

With people moving towards cashless economy, petty criminals are graduating to cyber fraudsters and the money related crimes are also going hi-tech.

digital transactions, digital payments, online transactions, cyber crimes, cyber frauds, phishing, website spoofing, malware, data breach, data protection, demonetisation, Covid-19 lockdown, Data Protection BillThe demonetisation gave the cash-savvy population a hard push towards digitisation and the Covid-19 lockdown made people realise its importance.

The demonetisation gave the cash-savvy population a hard push towards digitisation and the Covid-19 lockdown made people realise its importance. However, with people moving towards cashless economy, petty criminals are graduating to cyber fraudsters and the money related crimes are also going hi-tech – from snatching, pickpocketing, looting to cyber frauds – like phishing, website spoofing, malware etc.

As in most cases, fraudsters target the unsuspecting people after collecting all their bank-related data. The targeted people believe that the communication is from authenticated sources and reveal secret information related to monetary transactions, thus enabling the fraudsters to steal their money.

So, it’s become extremely important to stop the data breach to ensure that fraudsters can’t gain confidence of the people they target to reveal secret information.

Various authorities, including the Reserve Bank of India, are working hard to stop the growing menace of cyber crimes.

Recently, Minister of Railways, Communications and Electronics & Information Technology (IT), Ashwini Vaishnaw has also said that the government is working on a new Data Protection Bill, Digital India Act and proposed Digital India law to make the online world more accountable.

So, what is expected from the upcoming data protection bill regarding protection of consumers?

“The new data protection bill must incorporate a comprehensive framework around data protection. Protection of customer and business data has always been a crucial enabler to the smooth functioning of the online ecosystem. This is especially true in light of the evolving trends in cybercrime. As we accelerate towards a digital economy, data breaches have also increased manifold, especially since the onset of Covid-19. Hence, a robust data protection framework is critical in promoting integrity and fostering user confidence,” said Ranjan R Reddy, Founder and CEO of Bureau.

“Privacy as a fundamental right was upheld by the Supreme Court in 2017, and if it were to be strengthened with an explicit data protection act, it would only further India’s bid to be a leading digital economy with perhaps the largest digital empowered consumer base. We believe that the government will consider all the views once the consultation on the framework begins and are hopeful that the new bill will include all the amendments and recommendations to protect customers’ and businesses’ data,” he said.

“Besides monetary and operational discipline, it’ll aid in building customers’ confidence within the digital payment ecosystem, increase their temperament to explore newer avenues, and ultimately power the larger goal of financial inclusivity for all,” Reddy further said.

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