Question : DSCI stands for —
(a) Data Security Council of India
(b) Data Security Conference of India
(c) Data Settlement Council of India
(d) None of the above
Answer (a)
Related facts
- Data Security Council of India (DSCI) and PayPal India, on Wednesday(26 August 2020) released a study report on Fraud & Risk Management in Digital Payments.
- The report attempts to discuss the sophisticated online payment fraud mechanisms, threats in the payment ecosystem, incorporating better fraud prevention strategies, role of upcoming technologies, and recommendations for various stakeholders involved in the payment ecosystem.
Key findings
Types of Frauds
E-Commerce frauds can be broadly categorised into:
Buyer side frauds – fraudulent claims, chargebacks, fake buyer accounts, promotion/coupon abuse, etc.
Merchant side frauds – selling counterfeit, non-fulfilment, etc.
Cyber security frauds – account takeover, identity theft, card detail theft, triangulation fraud, etc.
Key Challenges
Fraud detection, enforcement, investigation and legislative challenges
Lack of multilevel awareness
Cross-industry or expertise collaboration
Security is seen as a cost overhead and not essential investments by stakeholders
Privacy laws
Organised criminal involvement
Future Fraud Possibilities
Spoofing of Current fraud prevention & detection mechanisms which rely on control parameters like location information; device identifiers like IMEI, MAC address; goods/services identities like SKUs/Barcodes
Exploitation of supply chain vulnerabilities at system & human process interchange
Exploiting risk transfer controls like buyback, insurance settlement of earlier transactions
By – Pankaj Pandey
Link:
https://www.dsci.in/content/fraud-and-risk-management-in-digital-payments