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Fighting digital fraudsters

Cyber criminals go mainstream through misuse of banking and tech advancements

The technology boom took us all by storm. In a span of a few decades we transitioned from landline calls to computers, to handheld devices, to smart phones, etc. With the development of the internet, this only amplified the reach and speed of communication technologies. The banking sector, too, showed many signs of keeping up with technological advances and the associated challenges posed. Among these was the revolutionary introduction of plastic money, or bank cards. Although it had its own challenges, this method of payment has persevered through time and has become universally acceptable.

An equally revolutionary payment method currently is digital payment through QR codes with the help of apps like Paytm, Google Pay, BharatPe, PhonePe, etc., which have become ubiquitous in the country. But, as with the above-mentioned growth, criminal enterprises also see digital payments as an avenue to rapidly expand their operations.

In our Cover story, we explore how new-age digital payment systems have become a hotbed of activity for cyber criminals to come up with innovative ways to defraud the general public. As usual, the authorities are playing catch-up and struggling to keep abreast of advancements. The scenario: technology is evolving too quickly for the law to keep up and provide adequate protection. As a result, there are lacunae through which many digital payment fraudsters can hit, run, and easily get away.

Another example in our daily lives where the law is struggling to catch up with evolving technology and balance it with the needs of society is the area of privacy and data protection. To understand this better, we shift the Spotlight to shine on the complex balance that companies must maintain vis-à-vis obtaining commercial insights versus respecting the right to privacy, especially with regard to sensitive personal information. It is an old and familiar debate of personal rights versus what is good for the economy, albeit with newer plots and players.

While on the old and familiar, let us turn to the annual and now unfortunately inevitable problem of extreme air pollution seen in the country’s capital, New Delhi. The air quality index of the city and surrounding regions deteriorates dramatically at the onset of winter every year. Much like a well-choreographed routine, the thick and unescapable pollution shrouds the city, and multiple requests are made before the highest judicial authority to intervene. This article looks at the legal sector, heavily engaged in the argument and, like the rest of the community, severely impacted by the deadly smoke.

In Intelligence report, we talk to many practising lawyers and in-house counsel to understand how pollution affects them and their work. Being senior in their respective professions and based in the national capital region, they talk about the challenges they’re facing, how they are dealing with it, and what they plan on doing in the future. A common theme is a call for collective action towards improving a situation so serious it entails disruptions in the workplace and the courtroom and, more crucially, major health concerns.

Where frequent demands within the legal fraternity are being discussed, we move to another subject that is widely sought out in arbitration – the call for the award of actual costs. Despite the principles of?“loser pays” and?“costs follow the event”, the same sentiment is missing from the actual word of the law. This results in costs awarded being inadequate, and at times, barely sufficient. Two experts, Nitu Agarwal and Chandrei Mitra, of YNSS Law Offices, pen their thoughts on much-needed reform in arbitration law and practice in this edition’s Expert briefing.

Speaking of experts, with so many legal developments in the mix it is difficult at times to make sense of all of them. If only there was an authoritative source who could answer the common questions surrounding a given topic and explain the implications.

With this in mind, we are pleased to bring to you our newest section, Any questions? This is where we sit down with senior and experienced industry professionals and ask them questions surrounding developments in law. For this issue, concepts like deal value threshold, market infrastructure indicators and cybersquatting are explained by SAM partner Shweta Chopra, Sammaan Capital’s Narayan Kedia and independent practitioner Utsav Mukherjee.

Similarly, to recognise industry professionals who are on their way to becoming revered senior and experienced industry professionals, India Business Law Journal brings you a list of several names that are the Future legal leaders in the country. These are some of the brightest promising young lawyers in the country who not only show a lot of potential for the future of their careers but also display the drive and commitment required to take their professional work to new heights.