Summarizing this on a thread below; User awareness, increased regulatory oversight needed for your paisa to be safe from fraud; There are risks that have escalated to fraud (Social Engineering attacks, Consent theft) and there are risks (Identity theft) 1/
1. Soc Engineering attacks -- People (incl a RS MP) have lost money to tricksters. Solution -- Never ever share any OTP to anyone on phone. Keep repeating this and spread to everyone you know.
Also, when you link your aadhaar to bank account, you can ask your bank not to link aadhaar with any transactability; Remember linking Mobile number for notification cant enable mobile number based payments systems; Likewise for Aadhaar;
You can instruct your bank on all your non-subsidy receiving accounts, that no aadhaar authentication / payment systems should be enabled on these; This will prevent money being debitted through an Aadhaar transaction.
There are systemic risks, those dangers which are beyond the individual control. These include cybersecurity threats / hacks. Mostly banks are regulated to provide cover to these as per existing RBI norms. But you will need to fight it out to get them in case of isolated attack;
There is also profiling risk which could make your loans, insurance premiums costlier. The only hope is data protection committee, RBI comes up with regulations on any excessive harms caused by banks using this data for excessive profiteering.
On a longer run, you will be paying for Aadhaar services. No one is going to keep sending you the OTPs / notifications SMS for free forever, so remember next time banks put in extra charges, you need to fight it out.
Systemic / Policy risks / costs are to be combatted with influencing govt of the day, regulator to ensure interests of consumers are protected. Understanding the industry, technology, regulations is key for participating effectively in these conversations.
Consumers need to organize themselves as a block and seek protection from anti-consumer policies of regulator / commercial entities. Keep a watch on all new tech, regulations, security understanding to keep in pace. @CashlessConsumr tries to do so, you too can help!
It is also important to keep spreading the word around. Increased digital financial literacy is key for being protecting your paisa from both user / systemic risks. India is a huge country, keep educating more people whom you meet when you get time.
Make content, in local languages, in variety of forms, tweets, blogs, posters, art forms, everything you can do to spread the message, down to the last person.
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