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Most Indians are not aware that their passwords have been hacked: Arpinder Singh

Interview with partner and national leader, EY Fraud Investigation & Dispute Services

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With growing instances of cyber-crime, banks will have to invest more in technology and security and consumers will have to become smarter in order to ensure that they do not fall victims to cyber-crimes, says Arpinder Singh, partner and national leader, EY Fraud Investigation & Dispute Services, in an interview with Somendra Sharma. Edited excerpts:

How should the banks prepare themselves to counter malware issues?

Obviously, the whole malware cyber-crime issue has increased. Every new public sector bank or some bank is hit by cyber-crime because everybody is using technology far more and also the number of users, account holders are increasing significantly. Banks are trying to keep pace with the changing technology and evolving smartphone culture which wasn't there earlier.

What leads to such frauds?

Major reason for cyber-crimes is that people are using one bank's ATM card with another bank and hence one would not know the consistency of the usage of that card. People use credit cards in retail stores and the database of cards can be stolen from any place. If you go to retail outlets companies in India, they'll swipe card in front of you and they take all your card information. It is a risk.

What's your advise for the users?

People today use similar passwords for their private and corporate emails and their social media profile. There have been instances that some social media profile passwords were hacked and since the passwords were same for emails, they too got compromised. Most people in India are not aware that their passwords have been hacked. One should change their passwords, but we in India don't change our passwords and continue using the same passwords, so global hackers from China or Africa get access to that particular database which is then used for cyber-crimes. We, unfortunately, even as consumers are not educated to change our passwords.

Do you think Indian banks do have enough security measures in place to counter such malwares?

They have a good amount have of investment in technology. All banks are spending money as we talk about different safety solutions, security options. They are coping with it. All banks are learning from other banks so when an issue hits one bank, other banks learn from that issue. People who are fraudsters or cyber crime experts are also evolving their way of cheating people. Banks in India have invested a lot in core banking solutions and security. I feel the services are good. Indian banks are fairly robust but yes well have to invest more and keep track with emerging cyber-crimes.

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