You would have noticed that recently there have been spikes in the debit card frauds in India. You hear that accounts of many people are compromised and money is siphoned off.Recently, more than 3.2 million debit cards were reported to have been breached into by hackers, and what is more concerning is the way in which the fraud happened.

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Also Read ( How fraudsters can know your credit card data and use it  )

ATM machines serviced and maintained by Hitachi Payment Systems, were compromised by a malware, infecting more than 50 ATMs in the country. This resulted in many account holders of HDFC, ICICI and Axis Bank among others reporting fraudulent money withdrawn from their account.

While this may not have caused a nationwide outcry, the fact is irrefutable that the crux of the matter revolves around the current state of digital security. We quickly need to find a fix to safeguard our financial institutions and its supporting cast.

And with India slowly moving to the digital payments arena post demonetisation, cyber experts warn that incidents bigger than this could hit our banks and finances soon.

As scary as it may sound, if by 2018, our ATM machines are still found running on the outdated Windows XP, then we have no one else to blame but us.

70 percent of 2 lakh ATMs in India still run on Microsoft’s Windows XP operating system which is outdated.

In banks, a breach can happen at multiple levels – like at an ATM, data centre, server network or through mobile banking. The ATM today is an easy target for hackers.  The lack of security at ATMs have been pointed out time and time again by experts of the domain, but we’re yet to see anything materialise that helps users feel confident about their money lying in the banks. The hackers are improving their techniques at a very fast pace and the banks are not able to keep pace with it .

What it means that bigger  banking networks could be affected today or tomorrow.  This is a wakeup call to all the banks as we are moving in to a digital economy and there will be many openings for a smart hacker to attack.  It may sound scary but that is the truth and we have to be aware and ready for the future attacks.