2019, Union IT minister Ravi Shankar Prasad had presented the draft Personal Data Protection Bill, 2019, which proposed to protect citizens’ privacy and put restrictions on use of personal data without their explicit consent. It also proposed a penalty of up to Rs 15 crore and up to three-year jail term for company executives for violating privacy norms. Later in 2020, the Bill was introduced in the Lok Sabah.
Recently, the Delhi High Court received a Public Interest Litigation (PIL) seeking to regulate the entry and operations of FinTechs. The litigation asked the court to develop a regulatory framework around the industry. Post which, the court sought replies from the RBI, SEBI, Ministry of Law, Ministry of Finance, and NPCI.And, with the advent of Covid-19 pandemic crisis, the importance of data protection and privacy has increased manifolds. The concerns are more around the non-regulated tech entities who have forayed into financial services. This poses systemic risks pertaining to cybersecurity, data privacy and financial stability.
On the occasion of the World Data Privacy Day (DPD), ETBFSI reached out to industry players to understand how one must be aware and protect their data privacy.
Signs your mobile phone has been compromised
January 29 is celebrated as Data Privacy Day with an objective to sensitise individuals and disseminate privacy practices and guidelines. The onus of safeguarding privacy doesn’t only lie on the regulators and providers but also on the users, who must understand the value of their data and the rights for data transparency.
Vivek Bagri, Head of Risk and Compliance, Niyo (a neobank), elaborated on the signs that indicate our mobile phone has been compromised.
- Notable decrease in battery life: If you find that your phone’s battery quickly loses power no matter how much you’ve charged it, that could be a sign that your has been hacked.
- Mystery pop-ups: Constant pop-up alerts could indicate that your phone has been infected with adware, a form of malware that forces devices to view certain pages that drive revenue through clicks.
- Unwanted Ads and Apps: Frequent appearance of mysterious apps not installed by you, or malicious ads
- Suspicious Activity: Experiencing weird behaviour from your phone, such as receiving strange texts with garbled words or text (a sign that the device is potentially connecting or communicating remotely to a third-party).
- E-SIM activation SMS or sudden SIM block: It indicates that SIM might be getting cloned to receive the transaction OTP.
Things to keep in mind while doing a financial transaction via mobile
Rajesh Mirjankar, Managing Director & CEO of Infrasoft Technologies, explained what one must be aware of while doing a financial transaction via mobile.
- Do not click on links in any SMS, especially those from unknown agencies. It could be an attempt to skim money off your account. Also remember, the name is not everything on the Internet. www.your.bank.com is not the same as www.yourbank.com. Make a note of your banker’s official website and official email ID, stockbroker, etc., directly from their representatives or official website.
- Never share any SMS text from your device if you are asked to do so unless you are sure that the recipient is genuine. Scamsters can coax you into sending text messages from your device which will bind your device with a fraudulent identity, and it becomes easy to skim money off your account then.
- You are never required to share any OTP/PIN/Password to receive credit or cash back. Never share these details as scamsters often use words like “no claim bonus” or “tax refund” or “cash back” to make your reveal your card or account details. Never reveal any of your details to anyone claiming to offer cash returns.
Our protection is our responsibility
These days, a lot of consumers are falling prey to online frauds. Gaurav Chopra’s, Founder & CEO, IndiaLends, advice to consumers is that when they are using any mobile application or website, they should be reading the terms and conditions and the fine print properly. In addition, consumers should be aware of what permissions and documents are being taken from them and should not simply accept all terms and conditions in a rush to move to the next screen.
“Specifically talking about digital lending, a lot of illegal companies have entered the trade without NBFC licenses offering quick loans without asking for any verification or KYC details. In such scenarios, it is important for consumers to become more vigilant. They need to question themselves on what is the actual cost of the money which can later be in the form of harassment or high penal interest charges,” he added.
He further noted that consumers also need to be more active on researching more when they visit any website or use any app. The look and feel of the app/website will itself help them understand the genuineness of the services they offer.
Lastly, consumers should spend some time to check details like — names of the lenders, and whether or not they are approved by the RBI, Chopra said.
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