Whats wrong with the economy

After the surgical strike on Pakistan and days before the government announce its demonetization move influence Indians to shift to a cashless economy run on internet and plastic cards, India report its biggest internet banking security violate. Over 3 million debit cards and their pin numbers, including those powered by MasterCard and Visa, were stolen by hackers. The Ministry of Finance reported that Rs 2.5 lakh was stolen from the accounts of Indians. The government’s is motivating the people to go cashless for mop up taxes on every rupee being transacted in the country. The millions of Indians are bothered, how safe is their money in the cashless economy, because Internet banking frauds has been increasing many folds and currently constitutes 59% of all the cyber-crimes committed in India.

The ordinary peoples are apprehensive about such a growing rate of online fraud on which they have no control from the government. Their worries exacerbates from the actuality even Home Ministry’s data has disclose that there has been 40% enlarge in online fraud cases in the country.

The government announces its demonetization policy on Nov 8, 2016, India reported its leading internet banking security violate. The Ministry of Finance reported that Rs 2.5 lakh was stolen from the various accounts across the country. Multiple public and private banks were exaggerated by this cyber-attack and every individual using these cards became defenseless across India of their money being stolen.