#FactCheck - False Claim of Hindu Sadhvi Marrying Muslim Man Debunked

Introduction

Meta is the leader in social media platforms and has been successful in having a widespread network of users and services across global cyberspace. The corporate house has been responsible for revolutionizing messaging and connectivity since 2004. The platform has brought people closer together in terms of connectivity, however, being one of the most popular platforms is an issue as well. Popular platforms are mostly used by cyber criminals to gain unauthorised data or create chatrooms to maintain anonymity and prevent tracking. These bad actors often operate under fake names or accounts so that they are not caught. The platforms like Facebook and Instagram have been often in the headlines as portals where cybercriminals were operating and committing crimes.

To keep the data of the netizen safe and secure Paytm under first of its kind service is offering customers protection against cyber fraud through an insurance policy available for fraudulent mobile transactions up to Rs 10,000 for a premium of Rs 30. The cover ‘Paytm Payment Protect’ is provided through a group insurance policy issued by HDFC Ergo. The company said that the plan is being offered to increase the trust in digital payments, which will push up adoption.

Meta’s Cybersecurity

Meta has one of the best cyber security in the world but that diest mean that it cannot be breached. The social media giant is the most vulnerable platform in cases of data breaches as various third parties are also involved. As seen the in the case of Cambridge Analytica, a huge chunk of user data was available to influence the users in terms of elections. Meta needs to be ahead of the curve to have a safe and secure platform, for this Meta has deployed various AI and ML driven crawlers and software which work o keeping the platform safe for its users and simultaneously figure out which accounts may be used by bad actors and further removes the criminal accounts. The same is also supported by the keen participation of the user in terms of the reporting mechanism. Meta-Cyber provides visibility of all OT activities, observes continuously the PLC and SCADA for changes and configuration, and checks the authorization and its levels. Meta is also running various penetration and bug bounty programs to reduce vulnerabilities in their systems and applications, these testers are paid heavily depending upon the scope of the vulnerability they found.

‍CyberRoot Risk Investigation

Social media giant Meta has taken down over 40 accounts operated by an Indian firm CyberRoot Risk Analysis, allegedly involved in hack-for-hire services along with this Meta has taken down 900 fraudulently run accounts, these accounts are said to be operated from China by an unknown entity. CyberRoot Risk Analysis was responsible for sharing malware over the platform and used it to impersonate themselves just as their targets, i.e lawyers, doctors, entrepreneurs, and industries like – cosmetic surgery, real estate, investment firms, pharmaceutical, private equity firms, and environmental and anti-corruption activists. They would get in touch with such personalities and then share malware hidden in files which would often lead to data breaches subsequently leading to different types of cybercrimes.

Meta and its team is working tirelessly to eradicate the influence of such bad actors from their platforms, use of AI and Ml based tools have increased exponentially.

‍Paytm CyberFraud Cover

Paytm is offering customers protection against cyber fraud through an insurance policy available for fraudulent mobile transactions up to Rs 10,000 for a premium of Rs 30. The cover ‘Paytm Payment Protect’ is provided through a group insurance policy issued by HDFC Ergo. The company said that the plan is being offered to increase the trust in digital payments, which will push up adoption. The insurance cover protects transactions made through UPI across all apps and wallets. The insurance coverage has been obtained by One97 Communications, which operates under the Paytm brand.

The exponential increase in the use of digital payments during the pandemic has made more people susceptible to cyber fraud. While UPI has all the digital safeguards in place, most UPI-related frauds are undertaken by confidence tricksters who get their victims to authorise a transaction by passing collect requests as payments. There are also many fraudsters collecting payments by pretending to be merchants. These types of frauds have resulted in a loss of more than Rs 63 crores in the previous financial year. The issue of data insurance is new to India but is indeed the need of the hour, majority of netizens are unaware of the value of their data and hence remain ignorant towards data protection, such steps will result in safer data management and protection mechanisms, thus safeguarding the Indian cyberspace.

Conclusion

cyberspace is at a critical juncture in terms of data protection and privacy, with new legislation coming out on the same we can expect new and stronger policies to prevent cybercrimes and cyber-attacks. The efforts by tech giants like Meta need to gain more speed in terms of the efficiency of cyber safety of the platform and the user to make sure that the future of the platforms remains secured strongly. The concept of data insurance needs to be shared with netizens to increase awareness about the subject. The initiative by Paytm will be a monumental initiative as this will encourage more platforms and banks to commit towards coverage for cyber crimes. With the increasing cases of cybercrimes, such financial coverage has come as a light of hope and security for the netizens.

What Is a VPN and its Significance 

A Virtual Private Network (VPN) creates a secure and reliable network connection between a device and the internet. It hides your IP address by rerouting it through the VPN’s host servers. For example, if you connect to a US server, you appear to be browsing from the US, even if you’re in India. It also encrypts the data being transferred in real-time so that it is not decipherable by third parties such as ad companies, the government, cyber criminals, or others.

All online activity leaves a digital footprint that is tracked for data collection, and surveillance, increasingly jeopardizing user privacy. VPNs are thus a powerful tool for enhancing the privacy and security of users, businesses, governments and critical sectors. They also help protect users on public Wi-Fi networks ( for example, at airports and hotels), journalists, activists and whistleblowers, remote workers and businesses, citizens in high-surveillance states, and researchers by affording them a degree of anonymity. 

What VPNs Do and Don’t 

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•  What VPNs Can Do:
  
  • Mask your IP address to enhance privacy.
  • Encrypt data to protect against hackers, especially on public Wi-Fi.
  • Bypass geo-restrictions (e.g., access streaming content blocked in India).
•  What VPNs Cannot Do:
  
  • Make you completely anonymous and protect your identity (websites can still track you via cookies, browser fingerprinting, etc.).
  • Protect against malware or phishing.
  • Prevent law enforcement from tracing you if they have access to VPN logs.
  • Free VPNs usually even share logs with third parties. 

VPNs in the Context of India’s Privacy Policy Landscape 

In April 2022, CERT-In (Computer Emergency Response Team- India) released Directions under Section 70B (6) of the Information Technology (“IT”) Act, 2000, mandating VPN service providers to store customer data such as “validated names of subscribers/customers hiring the services, period of hire including dates, IPs allotted to / being used by the members, email address and IP address and time stamp used at the time of registration/onboarding, the purpose for hiring services, validated address and contact numbers, and the ownership pattern of the subscribers/customers hiring services” collected as part of their KYC (Know Your Customer) requirements, for a period of five years, even after the subscription has been cancelled. While this directive was issued to aid with cybersecurity investigations, it undermines the core purpose of VPNs- anonymity and privacy. It also gave operators very little time to carry out compliance measures. 

Following this, operators such as NordVPN, ExpressVPN, ProtonVPN, and others pulled their physical servers out of India, and now use virtual servers hosted abroad (e.g., Singapore) with Indian IP addresses. While the CERT-In Directions have extra-territorial applicability, virtual servers are able to bypass them since they physically operate from a foreign jurisdiction. This means that they are effectively not liable to provide user information to Indian investigative agencies, beating the whole purpose of the directive. To counter this, the Indian government could potentially block non-compliant VPN services in the future. Further, there are concerns about overreach since the Directions are unclear about how long CERT-In can retain the data it acquires from VPN operators, how it will be used and safeguarded, and the procedure of holding VPN operators responsible for compliance. 

Conclusion: The Need for a Privacy-Conscious Framework

The CERT-In Directions reflect a governance model which, by prioritizing security over privacy, compromises on safeguards like independent oversight or judicial review to balance the two. The policy design renders a lose-lose situation because virtual VPN services are still available, while the government loses oversight. If anything, this can make it harder for the government to track suspicious activity.  It also violates the principle of proportionality established in the landmark privacy judgment, Puttaswamy v. Union of India (II) by giving government agencies the power to collect excessive VPN data on any user. These issues underscore the need for a national-level, privacy-conscious cybersecurity framework that informs other policies on data protection and cybercrime investigations. In the meantime, users who use VPNs are advised to choose reputable providers, ensure strong encryption, and follow best practices to maintain online privacy and security.

References 

• https://www.kaspersky.com/resource-center/definitions/what-is-a-vpn 
• https://internetfreedom.in/top-secret-one-year-on-cert-in-refuses-to-reveal-information-about-compliance-notices-issued-under-its-2022-directions-on-cybersecurity/#:~:text=tl;dr,under%20this%20new%20regulatory%20mandate. 
• https://www.wired.com/story/vpn-firms-flee-india-data-collection-law/#:~:text=Starting%20today%2C%20the%20Indian%20Computer,years%2C%20even%20after%20they%20have

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Introduction

In a groundbreaking move, India's Reserve Bank has embarked on a transformative journey with its Central Bank Digital Currency (CBDC) project. As the world grapples with the evolving landscape of digital finance, the implications of India's CBDC initiative extend beyond its borders, potentially reshaping global payment systems. The Union Minister of State for Finance, Shri Pankaj Chaudhary, revealed that on October 7, 2022, the Reserve Bank of India released a proposal note on Central Bank Digital Currency (CBDC). Two pilot projects using blockchain-based technology are described in the concept note: Digital Rupee-Wholesale (e₹-W) and Digital Rupee-Retail (e₹-R). Launched on November 1, 2022, the bulk trading pilot aims to increase intermediary competitiveness, particularly in the resolution of trades in the secondary market involving sovereign debt. In parallel, on December 1, 2022, the retail banking pilot, known as e₹-R, got underway in a limited user group with eight banks taking part in stages.

The digital asset known as e₳-R is issued across financial institutions for Person-to-Person (P2P) and Person-to-Merchant (P2M) transactions. It is intended to serve as a virtual currency that represents legal money and exhibits characteristics similar to actual cash. Based on input gathered during the continuing trial phases, the RBI intends to progressively broaden the pilot project's scope.

Central Bank Digital Currency Pilot Projects

Central Bank Digital Currency (CBDC), which the Central Bank of India is promoting, may easily perform an essential part in payments made across borders, according to Reserve Bank Governor Shaktikanta Das. The CBDC is going to be expanded to the international financial markets after being implemented as a trial in both the retail and wholesale industries.

CBDC in International Payments

He emphasized that although physical currency will still exist, the CBDC will eventually replace all forms of money worldwide.  

"CBDC is going to be the future currency of the world and it is necessary that every central bank, every country works on CBDC," he stated. He also stated that as worldwide commerce moves more and more around science and technology, CBDCs will play a significant role since they can effectively and affordably speed up payment processing across different countries. Regarding India's foreign exchange reserves, the governor stated that the selection to increase the resources as a safety net and protection versus contagion possibilities was made consciously.

CBDCs' Place in the Transnational Economic Revolution

In certain economies worldwide, having a CBDC internationally accessible could lead to more replacements for foreign currencies rather than the home currencies, which could cause financial aggregates to become volatile and change the mix of instruments of exchange.

CBDC may have benefits related to first-mover savings of scale, and other consequences even in everyday circumstances. If nations with global currencies have established CBDCs, they could strengthen current advantages and disadvantages, including consequences, particularly in terms of revenue. In a similar vein, CBDC might alter the structure of international liquidity while safeguarding asset supply. Additionally, and particularly if imposed abruptly, CBDC may, in certain circumstances, result in significant capital movements and associated repercussions on the foreign exchange rate as well as additional asset prices. Furthermore, nations may encounter difficulties in getting ready for virtual currencies issued by central banks.

The worldwide and international scope of CBDCs accessible to immigrants may become particularly apparent in situations where there is a widespread flight safety concern. In these circumstances, converting a CBDC into a foreign currency would make it possible for capital markets to deleverage more quickly. The elimination of debt challenges could show up as tight finance constraints and abrupt swings in foreign exchange markets if CBDCS expedited its flight from uncertainty.

Deposits of Foreign Exchange and Self-Dependency

Reserve Bank Governor Shaktikanta Das stated "We must rely on ourselves. We must maintain our robust reserves. In order to achieve that goal, we have been amassing quite substantial reserves, and the outside world has come to feel quite confident that India would be able to fulfil its contractual responsibilities to the international community no matter what the obstacles," 

Involvement of RBI in the Currency Market

Given that the trading community was confident that the Reserve Bank of India would be capable of and able to fulfil its contractual responsibilities, the value of the Indian rupee did not decline as dramatically. The RBI governor stated that the RBI does participate in the economy, but that "our engagement operates in two ways," he would not hesitate to acknowledge this.

The Value of Macroeconomic and Budgetary Cooperation

According to RBI Governor Das, the RBI makes purchases and sales of dollars based on the direction in which the financial sector is trending. However, the RBI does not intend to set a certain level for the rupee because it does not consider any specific threshold for the Indian rupee's conversion rate against the US dollar. He also emphasized how crucial it is for both the financial and monetary authorities to work together.

Conclusion

India's CBDC project signals a transformative shift in the global digital finance landscape. Governor Shaktikanta Das envisions CBDCs as the future global currency, emphasizing their role in international payments. The potential impact on financial systems, cross-border transactions, and the need for self-reliance underscore the significance of India's CBDC initiative in shaping the evolving dynamics of the digital economy. As the project progresses, close cooperation between financial and monetary authorities becomes imperative for navigating the challenges and opportunities associated with this groundbreaking venture.

References

• https://economictimes.indiatimes.com/news/economy/policy/central-bank-digital-currency-can-play-important-role-in-cross-border-payment-rbi-guv/articleshow/104706717.cms
• https://www.bis.org/cpmi/publ/d174.pdf
• https://bfsi.economictimes.indiatimes.com/news/fintech/explained-how-rbi-is-leveraging-upi-to-push-the-use-of-retail-cbdc/103591989
• https://www.imf.org/en/News/Articles/2022/02/09/sp020922-the-future-of-money-gearing-up-for-central-bank-digital-currency
• https://www.business-standard.com/economy/news/cbdc-pilot-projects-show-promising-results-rbi-governor-shaktikanta-das-123102601171_1.html