Indian banking system is third most affected globally by online malware amid growing penetration of online banking in the country, a report by cyber security firm Trend Micro has revealed.
Titled ‘January-March, 2014 Threat Round Up,’ the cyber security report underlines that while the law enforcement agencies are gradually improving the defense system, cyber criminals are adding more layers to ensure anonymity to conceal their identities to avoid legal actions.
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The US and Japan are the first and second favorite nations for cyber criminals, according to the report.
Due to increase in online customers, India slowly rose to the top three at-risk countries for online frauds.
Trend Micro India & South East Asia managing director Dhanya Thakkar was quoted by PTI as saying, "The number of online bankers in India has improved the overall industry but has resulted in significant rise in malicious activities."
The mobile banking transaction volume grew along with the number of online money transfers, which is a top-ranking secondary means of making inward remittances in India in the first quarter of 2014, Thakkar told the publication.
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