After there were couple of account hacking cases done by Legion earlier this year has set a fear waves in Indian IT security sector. With the demonetization aiming to cashless India large number of e-wallet providers have emerged in the market. With 70% of urban population of India trusting these e-wallets and e- payment methods it has now become a headache for the government to handle the security of all these e-payment and thus users’ money.
The Union Ministry of India on Friday advice all e-wallet payment companies to tighten up their security structure of their money handling system and cyber security mechanism in order to provide and be safe from online forgery and scams. These payment companies have been advised to add more layers in their security keep a full proof of all the transaction, provide security from both backend and front end user interface. Already Paytm is giving user a facility of lock mechanism before making any payment.
As of now cyber security has become the first priority for government of India and they would not like to take a risk with people’s money even if in private sector. Users are also suggested and advised that before choosing any e-wallet transaction stage they should make sure about its security.