India expected to surpass the UK for second place in payment card fraud
India is an increasingly popular target for cybercriminals, a new report by Gemini Advisory shows. In fact, India is projected to overtake the UK on the payment card fraud list this year, meaning that it will become the most targeted country after the US. In 2018, threat actors put 3.2 million Indian payment card records up for sale on underground market places, a fourfold increase over 2017.
It is not a coincidence that before the end of this year, India is also expected to replace the UK as the fifth-largest economy in the world after the US, China, Japan and Germany. India has a rapidly developing middle class, as a result of which the number of payment cards in the country is rising. However, the security of the Indian financial system has not kept up with these developments, which has made India an easy target for crooks looking to make money through cyber fraud and theft.