Razorpay Collaborates with MHA to Enhance Cybersecurity in Digital Payments Landscape
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Bengaluru, Dec 2 (NationPress) Fintech giant Razorpay announced on Monday that it has formed a partnership with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to enhance cybersecurity in the nation's digital payments landscape.
The initiative aims to equip businesses and consumers with essential knowledge to defend against cyber threats while promoting widespread awareness of cybersecurity throughout the country.
According to recent statistics from the National Cybercrime Reporting Portal, there has been a significant rise in digital fraud cases in India, with over 7,000 reports submitted daily (from January to April 2024).
Alarmingly, 85 percent of these cases pertain to financial fraud, highlighting the increasing vulnerability associated with online transactions. Victims lost upwards of $21.2 million to cybercrimes during the same timeframe.
“This collaboration with Razorpay represents a significant step towards bolstering our digital economy by merging Razorpay’s technological expertise with the strategic efforts of I4C,” commented Nishant Kumar, Director of the Indian Cybercrime Coordination Centre, MHA.
In addition to its current initiatives, Razorpay will spearhead a comprehensive awareness campaign aimed at educating businesses and consumers on vital cybersecurity issues.
The fintech platform has established connections with over 1,600 cybercrime units across 25 states and union territories, facilitating effective communication channels to enhance collaboration in the fight against cybercrime. It has also conducted specialized workshops to demonstrate its capabilities and share insights on fraud prevention.
“As our digital economy rapidly evolves, India is positioning itself as a global frontrunner in retail transactions and digital payments. With this leadership role comes the duty to ensure safe and secure digital payment experiences for a young, emerging banking demographic,” stated Arif Khan, Chief Innovation Officer of Razorpay.
Cybersecurity is fundamental to a nation’s growth, and in a country like India, which now represents 46 percent of the world’s digital payment volume, its significance cannot be understated.
“With the growth of digital accounts and transactions, we must also take on the responsibility of protecting them from fraud and cyber threats,” Kumar further emphasized.
