Hyderabad: Digital transactions are far safer than is believed. A survey done by the RBI found that fraudulent transactions were just 0.005 per cent in India and in TS it is even lower at 0.001 per cent. Telangana state has been leading the country in digital transactions post-demonetisation since November 2016. The RBI survey revealed that there were around Rs 1,200 crore worth digital transactions every year and the number of fraudulent transactions among these was very low.
The RBI is tracking digital transactions across the country to detect frauds. About 40 phishing incidents affecting 19 financial organisations and 10 incidents affecting ATMs, point of sale systems and Unified Payment Interface have been reported from November 2016 to June 2017. According to the data obtained for March, April and May 2017, the number of fraudulent transactions was between 0.005 cent and 0.007 per cent of the total number of transactions.
The number of cases of fraud involving credit cards, ATM/debit cards and Net banking was 16,488 in 2015 and 13,653 in 2016-17. The data obtained from all the states between January 1 and June 22 revealed that TS was ahead with 7,327 digital transactions per 1,000 people. TS with a population of 3,51,93,978 conducted 25,78,98,159 digital transactions. TS is followed by Gujarat with 5,903 digital transactions per 1,000 people while AP stood third with 5,881 transactions per 1,000 people. The government has been taking several measures to shift to digital economy, post-demonetisation. The IT department had also introduced the TS-Wallet.
IT minister K.T. Rama Rao expressed his happiness on this development. “This shows that the government’s efforts for the past eight months have paid off. The IT department has been encouraging cashless transactions since demonetisation. We are now leading the country in digital transactions and also on safety parameters,” Mr Rao said.
