NEW DELHI: The government's push for a less-cash economy afterdemonetisation has made digital payments popular. The number rose 55 per cent in 2016-17 against a 28 per cent growth during the five-year period ending 2016, according to government think tank NITI Aayog. As smartphones get cheaper and data prices go down, a large number of Indians are taking to smartphones and using them for making payments.
The sudden surge in digital payments also increases the risk of cyber theft as new users don't take all the required precautions for safe transactions.
Cyber security firm Kaspersky has recently detected a new malware, Xafecopy Trojan, that steals money through smartphones. Nearly 40 per cent of its targets have been detected in India.