Banks have become more keen towards the security of the Cashless Economy
With the implementation of the demonetization, everything has gone cashless. The cashless economy is promoted everywhere. The Cashless Economy has had a huge impact towards the general public in the state. With the recent move of the demonetization by the government, a huge impact is seen amongst the life of the people. The technology has given away to the world in the form of cashless economy. Several payment options like Mobile Wallets and some others like Bitcoins are also available in the market. These payment options are very much secure and efficient to improve the Economy of the country.
Security in the Cashless Economy
- As more and more, digital payment transfer models are added, now and then there is a chance of acyber threat to open its wings in this scenario.
- The point gets strong when we are talking about the Indian Economy which is shifting towards the digital payment system.
- The hackers are continuously trying to get a hold on the payment systems. Thus, there is a strong need for the security in the Cashless Economy and secure its future.
Types of Security in the Cashless Economy
There are different types of models created to ensure the safety of the digital payment systems.
- Agile security practices
For the financial success of an Economy, Faster development and the roll out factors will be an important factor. All the security assessment and the Testing will need to be embedded in the Agile development lifecycle.
- Securing the hyper-interfaced environment
To counteract the security issues, a new method is being adopted. The era will see the interoperability in the security system. For this, each ecosystem will need to create multiple application programming interfaces (APIs). Although the system provides aseamless experience to the customer, there is also a risk of the injection of malware through APIs.
- Next-generation authentication
With the Cashless Economy, the frauds will be driven mainly by the expressions. This kind of security will not do any good in the payment security, as there will always be a risk of hacking. To eradicate this fear, adaptive authentication will be needed to be embedded in the system. This system will provide a next step for the Cashless Economy.
- Augmented Ecosystem control
With this system, the security boundaries of the various players will be extended to the third users and the third parties.