- India contributes to 46% of the world’s digital payment volume and the rise in cybercrime is evident, with complaints soaring by 113.7% between 2021 and 2022, followed by a further 60.9% increase from 2022 to 2023. This consistent surge underscores the escalating scale of cyber threats
- Razorpay’s risk awareness outreach spans over 1,600 cybercrime stations across 25 states and union territories currently, driving impactful awareness of cybercrime and security best practices
INDIA, Bengaluru, 2nd December 2024: In its commitment to strengthening the security of the nation’s digital payments ecosystem, Razorpay, India’s Leading Omnichannel Payments and Banking Platform for Businesses is extending its support to the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C). India contributes to 46% of the world’s digital payment volume making it crucial for Razorpay to contribute towards securing the country’s digital payments landscape to ensure safe and reliable transactions. This collaboration aims to empower businesses and end-customers with critical knowledge to protect themselves while driving widespread awareness about cybersecurity across India.
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, demonstrating the growing vulnerability of online transactions. From January to April 2024 alone, victims lost more than $21.2 Mn to cyber crimes. This surge underscores the urgent need for enhanced cybersecurity measures and awareness to combat the rising threat of digital fraud in the country today.
Razorpay’s collaboration with the Ministry of Home Affairs and I4C represents this critical juncture. As a responsible player in the Fintech ecosystem, Razorpay has long been committed to fostering trust and security for its businesses and end-consumers. Under this collaboration, Razorpay, in addition to its ongoing initiatives, will lead an extensive awareness campaign to educate businesses and consumers on critical topics concerning cybersecurity. The company’s key initiatives to promote cybersecurity awareness include:
- Direct Engagement with Law Enforcement: 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. These efforts have raised awareness about cybercrime and promoted security best practices.
- Workshops with Law Enforcement Agencies: Razorpay has conducted specialized workshops to showcase its 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.
- Comprehensive Awareness Campaigns: These will provide valuable 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. Additionally, Razorpay will leverage its official social media channels to amplify these educational efforts, reaching a wider audience to build a safer digital environment.
Arif Khan, Chief Innovation Officer of Razorpay, commented on the collaboration, “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.”
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.”
Earlier this year, Razorpay further enhanced its cybersecurity measures by launching its Authentication Control Server (ACS). This server includes a Fraud Risk Management (FRM) system, which assesses the risk of each transaction in real-time, based on factors like the transaction amount, user behavior, and device details, and works to mitigate potential risks. For low-risk transactions, Razorpay ACS ensures a smooth experience, while applying stricter security checks for higher-risk activities.
Razorpay has always been deeply committed to delivering a safe and secure payment experience for its businesses and customers. The collaboration with the MHA and I4C highlights the company’s dedication to supporting India’s digital economy and acting as the gatekeeper of secure online transactions through innovative security solutions and strategic partnerships. As digital transactions continue to rise, Razorpay’s proactive risk mitigation strategies will protect both businesses and consumers, paving the way for a safer and more secure future for online payments in India.