Razorpay is working with the MHA (Ministry of Home Affairs) and the Indian Cyber Crime Coordination Centre (I4C) to combat new challenges in India’s digital payments. Specifically, the cooperation is dedicated to increasing its members’ awareness and sharing knowledge of efficient measures for combating fraud.
Recent data from the National Cybercrime Reporting Portal should serve as the basis for this initiative, as shown below. Every day from January to April 2024, India reported about 7000 cybercrime complaints, of which 85% were fraud cases. These crimes resulted in the loss of more than $21.2 million during this period, showing that Internet financial transactions remain flawed.
Director of I4C, Nishant Kumar, also underscored the essence of the partnership by leveraging the strength of Razorpay’s technology in complementing the government’s measures on cybersecurity to enhance the security of the country’s digital frontier.
Razorpay is connected with over 1600 cybercrime stations across 25 states and union territories to establish profound communication. The fintech leader has also suggested conducting workshops to teach businesses and individuals about measures they can take to protect their digital transactions.
Arif Khan, CIO at Razorpay, discussed securing transactions as the economy slowly but steadily becomes more digital. Digital payment volume is growing in India, accounting for 46% of global volume. Therefore, developing stringent measures against cyber threats is crucial to foster this sector. With more and more consumers turning to online banking and other digitally available payment methods, the threat to these systems fills more pressure.
Part of the strategies during collaboration will be to develop campaigns to create consciousness for the consumers and the business people, as well as the dangers involved in cybercrimes and the precautions that need to be taken. It tries to reach the goal of making online transactions safer in India by addressing one of the most rapidly growing problems – financial fraud.
Thus, this singular plan points towards protecting India’s growth-bound digital economy from emerging threats and, consequently, its sustenance.
