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All banking apps including BHIM safe, can’t be hacked: Saket Modi at India TV’s special show on mobile hacking

Speaking at India TV’s special show on mobile hacking, Saket Modi said that data of banking apps are purely encrypted, therefore it is not possible for any hacker to access any data.
Written by: India TV Business Desk New Delhi August 19, 2017 23:54 IST
India TV Business Desk

Saket Modi, an ethical hacker and co-founder of online cyber security company Lucideus Tech, today said that the government-backed “Bharat Interface for Money (BHIM) App is 100 per cent safe and can’t be hacked”.

Speaking at India TV’s special show on mobile hacking organised here, Saket, whose company is involved in securing government and enterprise digital setups, mentioned that data of banking apps are “purely encrypted, therefore it is not possible for any hacker to access any data”.

“BHIM App can’t be hacked. You should know that one app can’t share .. only share some parameters. BHIM is absolutely safe. It is 100 per cent safe,” he said. 

“Not only BHIM App, all banking apps are safe. In case of all banking apps and BHIM, all files are stored in an encrypted manner, thus can’t be hacked. Only files that are unencrypted can be accessed,” he added.

Speaking specifically on the BHIM App, introduced after demonetisation last November to encourage digital transactions in the country, he said, “BHIM is the face of payments in India. Even Visa and biggest banks on this plant have not done this that BHIM has managed to do. OTP is not required in BHIM, it has cut the dependency by removing the OTP through SMS, thanks to its security features. Many companies are now studying this following this.” 

Today, BHIM App, a common platform across the nation for making simple, easy and quick payments, has crossed 16 million downloads and has 4 million active customer base.

He also shared examples and appealed people to safely use mobile banking apps and exercise caution while carrying out digital payments.

Saket further said that in US there were 30 per cent more fraud cases were reported than India. “According to a study last year, on global fraud index, in the US there were more 30 per cent fraud cases compared to India. We are the only country where two factor authentication is mandatory… even in Europe it is not mandatory. The RBI decision is really very good… though we have high illiteracy rate, fraud cases are low and this is just because of the two factor authentication.”

Union Minister for Electronics and Information Technology, Ravi Shankar Prasad, who was also present on the occasion, said that government is committed to provide people with a secure system that protects their confidential information. He said that government has directed all banks to keep a check on the safety features of their apps.

“Our digital payment system absolutely safe,” the Minister said, adding that “in the recent session of Parliament, a question was raised related to frau in digital payments. I want to tell you, there were only 000.7% per cent of fraud cases… this also should be stopped but I want to congratulate people of India because they know how to keep their data safe,” the Union Minister said.

He noted that the government has issued 25 advisories on digital payments and also on how to keep data in mobile phones safe.

“Number of fraud calls have declined in last three years. I urge people to never share your personal details like bank accounts etc. Also don’t use apps that ask you to allow it access personal data,” he said.