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Amid Cash Crunch Pan-India, Small Vendors Unzip e-Wallets in Odisha to keep their Businesses going

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Bhubaneswar, Nov 20, 2016: At a time when the whole nation is facing cash crunch following the demonetisation of high denomination currency notes, the small vendors in the capital city of Odisha have adopted the smart ways of payment.

They are accepting payment through mobile and online payment services to ease the problems of common people and keep their businesses going.

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Take the case of Raju, who runs a tea shop in the Unit-II area of the capital city. He is not bothered by the demonetisation as he has set up a private ‘e-wallet’ on the popular payment platform Paytm.

“I was worried after the central government announced demonetisation of Rs 500 and Rs 1,000 notes that led to cash crunch of small notes. Then, I installed a Paytm mobile app on my phone and asked my customers to pay through my mobile wallet,” said Raju.

The street vendors and grocery shops are also accepting money from the customers through e-wallets.

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“Even though the business has suffered following the demonetisation, we are receiving money through e-wallets. It has been a great help to us at the time of cash crunch,” said Tapas Panda, a shop owner in Niladri Vihar area of Bhubaneswar.

Taking advantage of the cash crunch, the mobile wallet companies are visiting the shops and persuading them to install their apps for better money transactions.

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Meanwhile, the city people are facing a new problem. With ATMs and banks now giving away new Rs 2,000 notes, people are witnessing a clamour for change as the banks are dispensing limited number of fresh Rs 500 notes.

“I purchased grocery items of Rs 450 from a shopkeeper and handed him a Rs 2,000 note. But he refused to give back the balance change, saying he has limited Rs 100 notes. He insisted that I spend over Rs 800 to get smaller denomination notes,” said Ranjan Sahu, a resident. (IANS)

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Cybercrimes cost businesses $600 billion globally: McAfee report

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted.

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Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.
Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage. Wikimedia Commons

Cybercrimes have cost businesses close to $600 billion globally — or 0.8% the global GDP — which is up from $445 billion reported three years back, a report said on Thursday.

The report by the global cybersecurity firm McAfee, prepared along with the Centre for Strategic and International Studies (CSIS), said that over the last three years, cybercriminals have quickly adopted new technologies to ease the process of engaging in cybercrimes.

“Ransomware-as-a-Service Cloud providers efficiently scale attacks to target millions of systems, and attacks are automated to require minimal human involvement,” Steve Grobman, Chief Technology Officer for McAfee, said in a statement.

Also Read: Indian companies more prone to cyber attacks

“Add to these factors cryptocurrencies that ease rapid monetisation, while minimising the risk of arrest, and you must conclude that the $600 billion cybercrime figure reflects the extent to which our technological accomplishments have transformed the criminal economy as dramatically as they have every other portion of our economy,” he added.
The report, titled “Economic Impact of Cybercrime — No Slowing Down”, said that banks remain the favourite target for cybercriminals.

McAfee, Inc. is an American global computer security software company.
McAfee, Inc. is an American global computer security software company. Wikimedia Commons

Russia, North Korea and Iran are the most active in hacking financial institutions, while China is the most active in cyber espionage.

“Our research bore out the fact that Russia is the leader in cybercrime, reflecting the skill of its hacker community and its disdain for Western law enforcement,” said James Lewis, Senior Vice President at CSIS.

“North Korea is second in line, as the nation uses cryptocurrency theft to help fund its regime, and we’re now seeing an expanding number of cybercrime centres, including not only North Korea but also Brazil, India and Vietnam,” Lewis added.

Cybercrime losses are greater in richer countries; however, the countries with the greatest losses are mid-tier nations that are digitised but not yet fully capable of cybersecurity, the report noted. (IANS)