MUMBAI: As companies increasingly get on to harnessing the benefits of the networked world, overlook the associated threats, said a cyber-security expert and ethical hacker on the lack of awareness around the emerging threats at the BFSI Tech Maestros Awards & Conclave 2016. The expert -- TAC Security founder & CEO Trishneet Arora was one of the panelists on the panel at the conclave.

Paytm meantime is set to unveil its multilingual interface to enable millions of Indians to overcome language barriers and pay and shop in their preferred regional language.

After the limited demonetization, online transactions have seen a spurt, and the trend is likely to continue. This gives rise to the challenge of ensuring the transactions are safe and secure, the identity of the individuals is not compromised and the organizations operate smoothly. Cyber security experts can play an important role in identifying loop holes and providing a solution.

Arora said, “Credit card frauds cost banks and credit card companies over US $8 billion (Rs 540 crore) each year. Apart from the Apple Pay fraud, such large-scale mobile wallet frauds have not been witnessed so far, if we discount customer carelessness. However, there is an immense lack of awareness to understand this risk. Several business personalities are not taking cyber threats seriously."

“There is only one way to be alert and safe in today’s cyberspace and that rests on knowing your vulnerabilities and patching them before any fraudulent hacker can use it adversely,” he concluded. Recently, details of more than 3.2 million debit cards of some of the banks faced the threat of breach due to hacking.

The user interface of India’s largest mobile payments and commerce platform on Android will be available in -- English and in 10 different regional languages - Hindi, Tamil, Telugu, Gujarati, Marathi, Bengali, Kannada, Malayalam, Oriya and Punjabi. Paytm, which is India’s payments and commerce platform to offer multiple regional language interface, has expanded its reach to over 80% smartphone users in India, who prefer internet-based services in regional languages.

Paytm senior vice president Deepak Abbot said, “With this new move, we are looking to push our share of customers from tier II and tier III cities from 50% to 70%."