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Internet users in India need to tread with caution. A recent study done by <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword> and Mahindra Special Services Group, the risk and governance consulting arm of Mahindra Group, suggests that the number of <keyword id="79425" type="UNKNOWN" weightage="20" keywordseo="cyber-crimes">cyber crimes</keyword> in the country is expected to double and cross the 3-lakh mark in 2015. 
	 
	As per the study, the cyber crimes are growing at a rate of 107% year on year while registering over 12,000 cases every month. According to the report, the number of cases of cyber crimes was 13,301 cases in the year 2011, which was followed by 22,060 such cases in 2012 and 71,780 cases in 2013. By May 2014 alone, the cyber cells in India had registered a whopping increase in cyber crime cases and registered 62,189 cases. 
	 
	Much to our surprise, clone phishing is one of the most common cyber crimes reported in India. “Phishing attacks of online banking accounts or cloning of ATM/Debit cards are common occurrences. The increasing use of mobile, smartphones, tablets for online banking and financial transactions has also increased the vulnerabilities to a great extent. The maximum offenders came from the 18-30 age groups”, stated the report. 
	 “What is causing even more concern is that the origin of these crimes is widely based abroad in countries including China, Pakistan, Bangladesh and Algeria among others”, said <keyword id="547365" type="ORGANIZATION" weightage="20" keywordseo="DS-Rawat">DS Rawat</keyword>, general secretary of the industry body. Apart these countries, the cyber crimes have been also originating from countries such as the US, Europe, Brazil, Turkey and UAE. “With increasing use of information technology (IT) enabled services such as e-governance, online business and electronic transactions protection of personal and sensitive data have assumed paramount importance. The economic growth of any nation and its security whether internal or external and competiveness depends on how well is its cyberspace secured and protected”, added Rawat. 
	 
	ATM Frauds On The Rise 
	 
	Misuse of the ATM-cum-debit card had been a common problem for all. Often debit card users report fraudulent transactions have been made through their ATM cards even when the cards were in their possession. 
	 
	“I was in my office when I got an automated message from my bank that I just made an ATM transaction worth Rs 1,000. Ironically, I hadn’t even visited the ATM that week as I had already withdrawn enough cash a week before,” said Pooja Sharma, a brand manager with a Gurgaon-based tablet manufacturer. 
	 
	Similarly, Sandeep Shrivastava, a school teacher realized that his bank account was compromised when he got a similar automated message from his bank (SBI) while in a classroom. “I was in the classroom when I got a message notifying me of an ATM transaction at that time. I had got these messages earlier as well but could never ascertain a fraud as I regularly use my debit card to withdraw money from the ATM every few days.” 
	 
	<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Should Keep A Hawk-Eye 
	 
	The Reserve Bank of India has been regularly running campaigns against such fraudulent claims and has cautioned the public not to fall prey to fictitious offers like lottery winnings, remittance of cheap funds in foreign currency from abroad by the so-called foreign entities or to Indian residents acting as representatives of such individuals. The central bank also runs a message warning the public of such fraud claims. 
	 
	Despite all this, people are still falling into the traps of cyber phishing attempts—blame it either on consumer’s negligence or give full credit to phishers who plan unsuspicious traps. Innocent users often fall for emails in the name of Reserve Bank of India and other financial bodies, wherein they are offered lottery money, funds from abroad, tax refunds and others. 
	 
	“I got this mail in my spam box. It stated that RBI is offering to transfer $12 million to the receiver’s personal account. I just had to fill up my personal details including my bank account number, bank’s name and the branch, which was followed by a demand for Rs 2,000 as deposit to claim the lottery funds released by the UN,” said Ashish Bhalla, a marketing executive with a reputed consumer durable company. 
	 
	Similarly, another fake offer stated that the foreign exchange department of RBI was offering $1million. “…The Foreign Exchange Transfer Department of Reserve bank of India has decided to bring to your attention, that you were listed as a beneficiary in the recent schedule for payment of outstanding debts incurred by the BRITISH GOVERNMENT Pending since 2007 to 2012. According to your file record with your email address, your payment is categorized as: Lottery/inheritance/Unpaid contract funds/ Undelivered Lottery fund…” 
	 
	Take Caution: Protect Yourself From Cyber Attacks 
	 
	Since Internet penetration has been growing and online banking is fast replacing the traditional ways, India ranks third after Japan and the US in the list of most affected countries by online banking malware during the year of 2014, says ASSOCHAM. 
	 
	So, what can you do to avert these attacks? 
	 
	ASSOCHAM says by following simple do’s and don’ts, people can reduce the number of cyber crimes committed in India. For instance, avoid online banking if the network is not secured. Also, one needs to be cautious while giving away confidential information on emails that seek such information. 
	 
	“Check your online account frequently and make sure all listed transactions are valid. Always delete spam e-mails immediately and empty the trash box to prevent clicking on the same link accidentally. Beware of lotteries that charge a fee prior to delivery of your prize among others,” suggests Rawat. 
	 
	Representational Image

Cyber Crimes To Surge In India, Likely To Touch 3-lakh mark In 2015

This Diwali, <keyword id="46431" type="CITY" weightage="20" keywordseo="India-Inc">India Inc</keyword> will splurge on corporate gifts. According to a study by <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword>, companies have upped their budget for festive spending and corporate gifting by nearly 15% over last year. 
	 “A slight rise in consumer confidence together with improved job security, a perceptive improvement in business sentiment and festive optimism has encouraged India Inc. to loosen the purse strings as majority of companies have increased their budget for festive spending for clients and employees by about 10-15 per cent this Diwali,” said <keyword id="547365" type="ORGANIZATION" weightage="20" keywordseo="DS-Rawat">DS Rawat</keyword>, general secretary of the chamber. 
	 
	He added, “Besides, majority of companies are planning to substitute traditional gift options with Diwali exclusive pre-paid cards which seems to be emerging as the most preferred gifting solution for corporate sector”. 
	 
	 
	Rawat noted the fact that companies are willing to increase their budget for festive spending is an indication of the rise in the consumer sentiments, which has been down over the last few years. 
	 
	 “India Inc. has been cutting back its corporate gift budgets significantly, however, it seems to be getting generous this festive season owing to growing expectations of an economic turnaround and a positive business outlook for trade and industry,” averred Rawat. 
	 
	When it comes to the choice of gifts, prepaid gift cards are fast gaining popularity among the companies as as it is safer, easier to carry and gives people the freedom to splurge on things they wish to buy. Gadgets such as smartphones, tablets and other such hand-held devices too are being preferred by various companies. The companies are opting for e-commerce websites for placing bulk orders for gadgets as these online portals are offering huge discounts on them. 
	 
	Traditional gifts such as crockery, assorted chocolates, sweets, dry fruits, imported liquor, bed sheets, gold coins, jewellery, home décor, tableware, luxury watches, designer apparel, expensive writing instruments, leather bags, free holiday packages, movie tickets, dinner coupons, spa vouchers and hampers with a mix of festive essentials like torans, diyas and aromatic candles continue to remain a favourite among the companies.

India Inc Splurges On Corporate
Gifts This Diwali

Marred by high cost of input and gloomy consumer sentiment in the real estate sector, it may be a dull Diwali for the industry players in the property market. According to a study by industry body <keyword id="6355988" type="CITY" weightage="20" keywordseo="Assocham">ASSOCHAM</keyword>, there has been 30% increase in the launch of new residential projects every quarter this year, which has resulted in the inventory further going up by 6.7% in the same period. 
	 
	“After four consecutive quarters of muted launches, such activities showed improvement at the country level. Ahead of general elections, developers had launched many projects to gain competitive advantage and, at the same time, anticipated a recovery in market conditions post-polls,” suggested the study done by the industry body and global real estate services firm Jones Lang LaSalle. 
	 
	However, the launches did not really pick up post elections as residential property buyers took a cautious approach. “While there was an improvement in new launches, sales continued to remain low despite developers offering attractive pricing schemes and discounts to attract buyers,” stated the study. 
	 
	The survey has also projected that in the current fiscal year, the growth will be slower between 4% and 8% in Tier-1 cities. Nevertheless, the capital values in cities such as Pune, Kolkata and Hyderabad may grow at a comparatively faster pace, considering their low floor prices. 
	 
	“Developers in Tier-1 cities likely to continue liquidate their stocks by offering good pre-launch and pricing promotions,” revealed the study. 
	In terms of the prices, the residential property price across the country is expected to grow at 10% to 12% in 2014 considering the fact that inflation is still high in the country. 
	 
	“Liquidity and high level of leverage remain big issues with the real estate developers. These two issues can ultimately get resolved with pick up in the economy and a smart recovery in demand for housing units. But there is a lag between improvement in macro picture and its impact on the real estate market, particularly in the residential segment which is highly sensitive to the interest rates and the job market, which needs to be robust for the demand rebound,” said D S Rawat, secretary general of ASSOCHAM. 
	 
	In terms of return on investment, the average capital values of residential properties in the top seven markets have been steadily recovering since 2009. “Since the trough in second half of 2009-10, Mumbai has led the increase in average capital value (ACV) with nearly 59% growth, followed by Bangalore with 43.5% rise in ACV and the NCR-Delhi 33.9%. In the case of Chennai, it was 41.09% while it was only 25.2% for Hyderabad. However, Kolkata and Pune have been major movers, showing appreciation of 50.7% and 47.8 per cent respectively during this period”, added the study.

No Takers For Property: Dark Diwali Ahead For Real-Estate Players?

Exactly a year ago, at 8pm on November 8, 2016 to be precise, India's Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> dramatically announced on national television that the two highest-denominated currency notes in use would cease to be legal tender a few hours later. The decision to scrap 86 per cent of the currency in circulation in the then second largest emerging market in the world has not just polarised public opinion sharply, it has also led to mixed responses from <keyword id="46431" type="ORGANIZATION" weightage="100" keywordseo="india-inc">India Inc</keyword> on the first anniversary of <keyword id="3315394" type="PERSON" weightage="20" keywordseo="demonetisation">demonetisation</keyword>. The <keyword id="2673101" type="ORGANIZATION" weightage="20" keywordseo="associated-chambers-of-commerce-of-india">Associated Chambers of Commerce of India</keyword> says it stands by its demonetisation verdict -- "Short term pain, long term gain". Assocham Secretary General DS Rawat says, "Indeed, initially the informal and small scale industries as well as the rural economy was impacted, but now the economy has started getting desired results. Hope in the next 12 months the nation would have achieved the set objectives." Meanwhile, according to Chandrajit Banerjee, the Director General of the <keyword id="6363932" type="ORGANIZATION" weightage="20" keywordseo="confederation-of-indian-industry">Confederation of Indian Industry</keyword>, demonetisation was a bold move to shift the economy towards greater formalisation for a more stable and sustainable growth process. For the industry, Banerjee says: "Demonetisation was one of the means towards a transparent, efficient and competitive economy that is now being ushered in through reforms." "It contributed to building investor confidence and reassured us that the economic reforms process is heading in the right direction," he adds. On the contrary, the PHD Chamber of Commerce &amp; Industry says the effects of demonetisation still persists as demand in the economy is still lacklustre and business firms are still not enthusiastic in the production process. "Though demonetisation of Rs 500 and Rs 1,000 currency notes has completed one year today, the industries have still not recovered fully from the aftermath of unearthing 86 per cent of the total currency," says Anil Khaitan, President of PHD Chamber of Commerce &amp; Industry. Even as Khaitan appreciates the efforts of the government to stamp out black money from the system, curb corruption and to move towards less cash society, he adds: "Demonetisation drive has impacted the businesses directly or indirectly in terms of impact on demand and sales. The impact of demonetisation has been majorly seen on small businesses as they are highly driven by cash transactions." Even as demonetisation has left even India Inc divided on whether Prime Minister Modi's cash gamble has achieved what it set out for, demonetisation is certainly going to continue to be hotly debated for quite some time to come.

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Cyber Crimes To Surge In India, Likely To Touch 3-lakh mark In 2015

Purba Das

India Inc Splurges On Corporate Gifts This Diwali

Purba Das

No Takers For Property: Dark Diwali Ahead For Real-Estate Players?

Purba Das

Demonetisation has even left India Inc. divided on PM Modi's biggest-ever economic gamble

BI India Bureau

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