Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 04 SEPTEMBER 2017

Cashless Transactions - Are E-Wallets Convenient Or Caution-Worthy?

Deloitte
Explore more from Deloitte

The demonetization exercise carried out late last year has resulted in a rise in individuals and businesses adopting digital technology, particularly e-wallets, for transactions.

IndiaCriminal Law
KV Karthik
KV Karthik
Arjun Rajagopalan
Arjun Rajagopalan

The demonetization exercise carried out late last year has resulted in a rise in individuals and businesses adopting digital technology, particularly e-wallets, for transactions. While this is a welcome move, one must also understand that the technologies and business models backing e-wallets are fairly nascent in India, thereby exposing customers to potential fraud risks, including the following:

  • Phishing Frauds – Fraudsters may use phone calls, SMS messages, or email to trick users into divulging their PINs or other personal information that may result in embezzlement of virtual money from the wallet.
  • Intrusion/Cyber Attack – Fraudsters may hack into the mobile money platform and manipulate wallets to their gain.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

View source

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Understanding Forgery And Use Of A Forged Document

“Commercial disputes being given a criminal colour” is a routine issue faced by criminal courts across the country, and the Hon’ble Supreme Court of India has also quashed several criminal complaints pertaining to commercial/civil claims for that reason. It is important to note that, in such criminal complaints, the usual allegations involve offences of cheating, criminal breach of trust, forgery, and the use of forged documents.
IndiaCriminal Law
S&A Law Offices
S&A Law Offices
Article

Combatting Cyber Frauds In India: Prevention And Legal Remedies

In the vast expanse of the digital realm, where convenience, connectivity, and progress reign supreme, a new and insidious shadow looms. Cyber fraud has emerged as a formidable adversary, exploiting every crack in the virtual world. With the rise of online banking scams, phishing schemes, identity theft, and fraudulent transactions, the threat of cyber fraud has seeped into every corner of our digital lives.
IndiaCriminal Law
MZM Legal, Advocates & Legal Consultants
MZM Legal, Advocates & Legal Consultants