Recently, online currencies have gained huge popularity on the grounds of convenience and transparency. Although online currencies have made the people’s lives easier, I strongly believe that it is a negative development as it may lead to financial fraud and risk of cybercrime.
One primary reason why online payments have become common is the convenience they offer. In the modern society, technological innovations have opened up new opportunities for online businesses and transactions which enables individuals to pay bills and purchase things from online stores instantly. These transactions facilitated by platforms are more transparent which has contributed to its popularity in a short span of time. Platforms such as Google Pay and Phone Pe have significantly gained trust from millions of people in our country. Thus, more people tend to prefer these online transactions than undergo numerous bank visits.
However, the increasing dependency on online currencies can cause significant risk as it can compromise security and reliability. Despite the advanced security measures employed, frequent cybercrimes are reported regarding online currencies. Many cybercriminals get access to other peoples’ accounts and as a result many individuals become victims of financial fraud especially the digitally illiterate. In addition, as there is lack of government control on major cyber transactions, it can lead to huge monetary loss for individuals.
In conclusion, online transactions have become popular due to the convenience and transparency it offers. However, I strongly believe that cybercrimes and financial frauds will have a negative impact on the society. Therefore, the government should enforce cybersecurity laws and conduct awareness campaigns to build digital literacy.