Cashless economy may boost cyber crime: Experts

India’s move towards a cashless society could see a spurt in cyber crimes, said cyber security experts.

Many people belonging to the lower middle class, especially senior citizens, are not educated when it comes to using the Internet for monetary transactions and will therefore become easy targets for cyber criminals.

Former Maharashtra director-general of police and a cyber-expert D. Sivanandhan told HT that reputed banks across the globe had lost hundreds of crores in cyber hacking cases despite having an infrastructure in place. “Imagine our country where people are poverty stricken and clueless about the use of computers, smartphones and the Internet,” he said. “India is going digital all of a sudden and moving towards a cashless economy. It is a good move but will result in a lot of cybercrime. Poor and uneducated people will be the victims. It will be difficult for them to even figure out how much

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