Razorpay extends helping hand with the Home Ministry to promote cyber security in digital payments
New Delhi| Razorpay Payment Gateway informed that Fintech Major has partnered with the Ministry of Home Affairs and the Indian Cyber Crime Coordination Center (I4C) to promote cyber security under the digital payment ecosystem. The collaboration aims to provide businesses and end customers with critical knowledge to protect themselves, as well as spread awareness about cyber security across the country.
Recent data from the National Cybercrime Reporting Portal showed a rapid increase in digital fraud incidents across India, with more than 7,000 complaints filed daily between January and April 2024. Alarmingly, 85 per cent of these complaints relate to financial fraud. From January to April, over $21.2 million was lost in cybercrimes.
“This partnership with Razorpay is a step towards strengthening our digital economy by combining the company’s technological vision with I4 C’s strategic initiatives” said Nishant Kumar, director of the Indian Cyber Crime Coordination Centre, Ministry of Home Affairs
Razorpay will lead a comprehensive awareness campaign to educate businesses and consumers on important topics related to cybersecurity, in addition to its ongoing initiatives.
The fintech platform has established contacts with over 1,600 cybercrime stations across 25 states and union territories, enabling communication channels to strengthen cooperation in combating cybercrime.
The platform has also organized special workshops. “As our digital economy expands rapidly, India is emerging as a global leader in retail transactions and digital payments”, said Arif Khan, Chief Innovation Officer, Razorpay. With this leadership comes the responsibility of ensuring a secure digital payment experience for those new to banking.” Cyber security is the cornerstone of development of any nation and its importance cannot be underestimated in a country like India. “As digital accounts and transactions grow, so does the responsibility to protect them from fraud and cyber threats”, Kumar said
