The data breach that has led to an estimated 3.2 million debit cards getting compromised is only a small manifestation of a larger malaise called cyber crime. The breach occurred due to an introduction of malware in the network of a third-party payment processor.
Living in a digital world, we need to be aware of different types of cyber frauds and take steps to safeguard our financial well-being.
Password theft: Today, people have apps on their mobiles for almost everything – buying vegetables or furniture, booking a taxi, stock trading or anything else. Given the large number of apps, many people keep the same password and e-mail id for convenience – a wrong move. “The level of security at all online websites is not uniformly good. While Google’s site will be difficult to hack into, an online retail start-up may not have the same level of security. Stealing of passwords usually happens from websites that have a lower level of security,” says Shomiron Das Gupta of NetMonastery, a threat management provider.