The arrest of three suspects with debit-credit point-of-sale
skimmers highlights the vulnerability of digital cash
transaction systems. With demonetisation creating havoc
in the country, the shift to mobile and on online-based systems
for payments is gaining ground, at least in urban areas.
And schemers are also working over-time. A large shift from
cash to cashless transactions will leave the system open to
schemers if security layers are not introduced to protect users
and traders. The three suspects told the police that they had
plans to introduce the skimmers to traders who would also
gain from the heist. The plan could not be put into action as
the three were arrested in the nick of time. It might be recalled
that schemers, allegedly from abroad, had targeted ATM machines
in Goa and other states and banks had to cough up
the money siphoned from clients’ accounts. With so many
untested mobile-based apps for money transactions entering
the system, an element of caution is necessary. PM Narendra
Modi’s dream to make India cashless rests on security of one’s
cash and the cashless pyramid could come crashing down if
schemers succeed in infiltrating the system.
