The past year has witnessed an unprecedented rise in tech innovations, so the world could keep running despite severe limitations imposed by the COVID-19 pandemic. The payments ecosystem was no different, what with consumers and businesses progressively leaning on digital means to make contactless payments across the past year.
While this paradigm shift in ‘how we buy’ continues to promise convenience and ease, it has also laid bare a burgeoning risk of cybersecurity attacks and digital frauds. In 2021, India topped the list of countries with the most ransomware attacks, reflecting an 845% percent surge in mobile attacks since October 2020.
Ergo, the imminent need is for companies to take proactive measures that can enhance cybersecurity and educate customers on the best practices to safeguard themselves. Raising awareness about potential security vulnerabilities, maintaining digital hygiene, making online platforms safer; and bolstering risk management measures, will prove critical milestones in building an obstacle-free journey to the future of contactless payments.
Security: A non-negotiable facet of digital transformation
India has always maintained a…
