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. But for every person arrested there could be nine others working in the background. 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 on account of poor security. With so many untested mobile-based apps for money transactions entering the system, an element of caution is necessary. Prime Minister 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.
