Razorpay partners MHA to boost cyber security around digital payments
02 Dec 2024, 08:31 PMRecent data from the National Cybercrime Reporting Portal reveals a sharp increase in digital fraud incidents across India, with over 7,000 complaints reported daily...
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Razorpay is partnering with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to strengthen the security of digital payments ecosystem. Under this collaboration, Razorpay will lead an awareness campaign to educate businesses and consumers on critical topics concerning cybersecurity.
India contributes to 46% of the world's digital payment volume. Recent data from the National Cybercrime Reporting Portal reveals a sharp increase in digital fraud incidents across India, with over 7,000 complaints reported daily through the National Cybercrime Reporting Portal between January and April 2024. Alarmingly, 85% of these complaints involve financial fraud. From January to April 2024 alone, victims lost more than $21.2 million to cyber crimes.
"Razorpay has connected with over 1,600 cybercrime stations across 25 states and union territories, enabling seamless communication channels to strengthen collaboration in combating cybercrime. The company also actively empowers businesses with essential practices to mitigate risks through its risk awareness campaigns," Razorpay said in its statement.
The payment aggregator's awareness campaigns will provide insights on safeguarding sensitive data, identifying cyber threats, detecting phishing scams, adopting secure payment practices, incident response planning, secure mobile payments, spotting fake payment apps, the dangers of public Wifi for payment transactions, essential steps for setting up a secure online payment system, key resources like the Cyber Crime Helpline (1930) and more.
Arif Khan, chief innovation officer of Razorpay, said, “With this collaboration with the Ministry of Home Affairs & I4C, Razorpay continues to help chart a decisive path towards combating rising cyber threats.”
Nishant Kumar, Director, Indian Cybercrime Coordination Centre, Ministry of Home Affairs said, "Cybersecurity is the cornerstone of a nation’s development, and in a country like India, which now accounts for 46% of the world's digital payment volume, its importance cannot be overstated. As digital accounts and transactions grow, so does the responsibility to safeguard them from fraud and cyber threats. This partnership with Razorpay is a step towards strengthening our digital economy by combining the technological approach of Razorpay with the strategic initiatives of I4C. We aim to empower businesses and consumers with the knowledge and tools to navigate and thrive securely in the digital era."
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