We’re living in an exciting era where India leads the world in digital payments, handling a staggering 46% of global volumes. This is a remarkable achievement, one that fills us with pride. However, as digital payments expand, so do the risks.
Cybercrime has surged in recent years, with over 2 million cases of cybercrime reported in India each year with 85% of these cases being related to financial fraud. And as we push the boundaries of a digital economy, trust and security must remain at its core—and it’s up to all of us to safeguard it.
At Razorpay, we’ve always been dedicated to creating a secure, seamless, and innovative payments ecosystem. In line with this commitment, we’re excited to announce a new partnership with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to bolster cybersecurity and combat online financial fraud.
Being a responsible player in the Indian fintech ecosystem and through this collaboration, we’re launching an extensive awareness campaign aimed at educating both businesses and consumers on essential cybersecurity practices.
This initiative not only underscores the importance of public-private partnerships in combating cybercrime but also reflects our unwavering commitment to securing India’s digital payments ecosystem.
As our digital economy rapidly expands, India is emerging as a global leader in retail transactions and digital payments. With this leadership comes a responsibility to ensure safe & secure digital payment experiences for a young, new-to-banking population. With this collaboration with the Ministry of Home Affairs & I4C, Razorpay continues to help chart a decisive path towards combating rising cyber threats. From its mantle as the fastest-growing Payment Aggregator in the country, Razorpay takes the responsibility to lead the way by implementing cutting-edge security frameworks, strict access controls, and 24/7 monitoring to safeguard the digital payments ecosystem. Together, we are building a stronger, more secure foundation for the industry, enabling businesses to grow confidently in the digital era. – Arif Khan, Chief Innovation Officer of Razorpay
Securing Transactions, Empowering Businesses
So, what does this partnership mean in practical terms?
At Razorpay, we’ve always taken a proactive stance when it comes to cybersecurity, and this collaboration allows us to amplify these efforts. Here’s how we’ve been making an impact and working towards reducing cybercrime and increasing awareness.
- Raising Cybersecurity Awareness:
- Through our Risk Awareness Campaign, we equip businesses with essential practices to mitigate risks
- Our outreach initiatives, spanning over 1,600 cybercrime stations in 25 states and union territories, have been instrumental in building awareness about cybercrime and security best practices.
- Workshops with Law Enforcement Agencies:
We’ve conducted curated workshops to showcase our capabilities and share insights into preventing fraud. These sessions have included collaboration with key organizations such as the Enforcement Directorate, CID, Cybercrime HQ, and the Police Force of various cities. - Direct Engagement with Law Enforcement:
We’ve connected with over 2,500 cybercrime police officers across the country, enabling direct communication channels and ensuring their email IDs are whitelisted for seamless collaboration. - URL Whitelisting to Block Non-Approved Payment Links:
By implementing URL whitelisting, Razorpay automatically blocks any non-approved payment URLs, ensuring that fraudulent links are detected and eliminated before they can cause harm. - Continuous Website Crawling:
To prevent counterfeit activities or content violations, we conduct regular website crawls, identifying and addressing fake listings and fraudulent content. - Customized KYC Processes:
We’ve tailored our KYC verification processes to align with the specific business models of our merchants, ensuring a thorough and effective approach to onboarding. - Mystery Shopping for Fraud Detection:
To identify and address suspicious transactions, especially when payments exceed predefined limits, we employ a Mystery Shopping tool to test and review transactions in real-time. - Real-Time Fraud Handling:
Our real-time fraud detection and handling capabilities have enabled over ₹11.48 crore in refunds to victims of cyber fraud, ensuring swift resolution and fostering trust in the ecosystem.
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. – Nishant Kumar, Director, Indian Cyber Crime Coordination Centre, Ministry of Home Affairs
Our Vision for the Future
As India accelerates its digital payments journey, we believe that security and innovation must work hand in hand. Our partnership with the MHA and I4C reflects this belief, combining Razorpay’s technological expertise with their strategic initiatives to make India’s digital economy safer and more robust.
Together, we’re building a payments ecosystem where trust is the foundation and security is non-negotiable, enabling businesses to grow confidently in the digital era.
