Every individual needs to put 'Skin in the Game' to avoid cyber fraud  

S. N. Tripathi, Director General- IIPA, Govt. of India

"When India is digitalizing at a speed and scale which we call population scale, we are leaving a lot of data in the open which is there for sale, re-sale, re-branding, re-packaging but that is also for the thieves and cyber fraudsters to misuse and create deep fakes. Today, we are leaders in zero cost transaction banking. One-tenth billion transactions happen on UPI every month. Had UPI been a publicly listed company, what could have been the value of shares of UPI, it could have been a trillion-dollar market. If NPCI charges only one paisa per transaction then they will get Rs 1600 crores per month as a transaction fee. We are handing over this much saving to every citizen of India when they do an UPI-based transaction. We thrive only when our customer thrives. Cybersecurity is one area where both buyer and seller get affected. When I am putting money in a bank, it is the job of the bank to keep it secure. If you put your money in a good or bad or third grade bank, it is the job of that bank to see that the money is secure all the time. Not only the bank but also the person who is supplying switches, servers etc., everybody’s job is to see that the money remains safe and secure in the bank. It is not only the bank’s reputation which is at stake, it is the digital landscape which is at stake in case the cyber fraudster makes more money and all of us are collectively cheated if the supplier does not take the responsibility. That is why ‘Skin in the Game’ for banking is as important for the suppliers and builders of technology as the bank itself."