The curious case of Cash App; Hindenburg’s latest victim

As we move from traditional banking to mobile banking apps, this is a cautionary tale of what could go wrong. These apps do come with several security concerns. Recently, in Mumbai, cybercriminals robbed Rs 1 crore from 81 people using the UPI app. Last year, Paytm was in trouble for flouting data storage laws. The money routed through the apps is difficult to trace, unlike in traditional banks. Digital literacy is a must to know and understand fintech; and though it is growing, our everyday life is fraught with rising digital payment frauds! Hope the regulators are paying heed.