The research concluded that credit card use, consumer debt, and digital fraud must be seen as interlinked phenomena, embedded in the very functioning of electronic money transactions. Carrying out electronic transactions makes people feel more safe and confident; cashless transactions also have an idea of modernity and class embedded into them, making them more popular among young working professionals, the study showed. Trauma of debt: Higher spending through cashless transactions had a powerful link to debt-making, the survey showed. Digital fraud: The increase in electronic transactions increased the vulnerability to fraud. Crimes like credit card cloning, misuse of debit cards through impersonation, and site-cloning saw a steady increase.

Source: Indian Express November 24, 2016 20:24 UTC