Secure the privacy of data shared with government

Data is the new oil for the world but in India all it seems Data is the new source of Water.  Just like water is essential for life and can drastically alter landscapes, data has the power to transform businesses, societies, and even the way we live.
  
Data Privacy is important because it safeguards personal integrity, promotes trust in digital interactions, and upholds the fundamental rights of individuals in an increasingly data-driven world.

In an era where data is a critical asset, government departments and regulators collect and manage vast amounts of personally identifiable information from citizens. Agencies such as the Income Tax Department, Ministry of Corporate Affairs, Securities and Exchange Board of India, Financial Intelligence Unit, and National Intelligence Grid, among others, gather such data to fulfil their statutory responsibilities.

The current framework for data sharing among government departments and regulators is limited and often cumbersome. To address these challenges, a more streamlined and effective data sharing framework is needed.

A revealing survey conducted across 302 districts with 23,000 participants has highlighted a significant issue: nearly half of the Indian population has fallen victim to financial fraud within the past three years. The survey sheds light on the pressing issue of financial security, pinpointing UPI (Unified Payment Interface) and credit card frauds as the predominant methods through which individuals are being exploited.
 
Over 50% of respondents in a nationwide survey reported unauthorized charges on their credit cards by both domestic and international entities. Further exacerbating concern is data from the Reserve Bank of India, indicating a staggering 166% surge in financial fraud cases in FY24, totalling over 36,000 instances. This sharp increase underscores the critical need for robust measures to combat financial fraud and protect consumers.

The sharp increase in bot calls from real estate agencies and financial institutions has created havoc for citizens across the country. This surge in unsolicited calls indicates a concerning free flow of data, raising significant privacy and security issues. Experts believe that telecom companies are partly responsible, as they issue phone numbers to these agencies for business purposes. Addressing this issue requires a multi-faceted approach involving stricter regulations, improved data privacy practices, and greater accountability from telecom providers.
 
As India continues to embrace digital payment solutions at an accelerated pace, ensuring the security of these transactions becomes paramount. The insights provided by recent surveys serve as a crucial call to action for all stakeholders in the financial ecosystem to prioritize and enhance measures against fraud, safeguarding the financial well-being of consumers nationwide.

Ms. S Mohini Ratna - Editor VARINDIA