At a conference held in Delhi on the occasion of World Consumer Rights Day, India’s Cyber Security Chief, Gulsan Rai, said that he hardly does any internet banking himself because he is not sure about how secure it is. He was quoted in reports saying, “There are issues like who is the regulator of digital marketplace? How do we handle the consumer grievances? Frauds in ATMs and credit cards are very complex and solving them is a bit difficult.”
“I have a separate account that keeps small amount in the bank. If I have to do that in a debit card, I put 25,000 in that account and do transaction so that I don’t go to the National Consumer Disputes Redressal Commission,” he further stated. He believes, more steps need to be taken to safeguard online consumers as e-transactions are expected to reach $200 billion by 2025.
Reportedly, government has also expressed their concern faced by online consumers, by taking steps to put in place adequate safeguards to keep digital marketplace safe. It is expected that with the passing of the Consumer Protection Bill in the Parliament, the government will frame rules to regulate the e-commerce market.