Bad password habits make people at risk of financial frauds: Report

The Reserve Bank of India (RBI) report for April – September 2022 reported 5406 instances of financial frauds vis-a-vis 4069 in the same period, a year ago. In terms of frauds, the modus operandi shifted to card or internet-based transactions, the RBI says. Though, the number is likely to be significantly higher than the RBI reported number as most victims of online identity thefts or other banking and financial frauds don’t report or are not taken seriously enough by police to register and take action as in case of laptop or mobile phone thefts, which can pose major risks to the owners due to the habit of storing passwords on these devices.

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