Bengaluru. Razorpay payment gateway on Monday informed that the fintech major has partnered with the Ministry of Home Affairs and the Indian Cyber Crime Coordination Center (I4C) to boost cyber security within the digital payments ecosystem.
The collaboration aims to provide businesses and end customers with vital knowledge to protect themselves, as well as spread awareness about cyber security across the country.
Recent data from the National Cyber Crime Reporting Portal has shown that digital fraud incidents have increased sharply across India, with more than 7,000 complaints registered daily between January and April 2024.
The worrying thing is that 85 percent of these complaints are related to financial fraud. From January to April, more than $21.2 million was lost to cyber crimes.
“This partnership with Razorpay is a step towards strengthening our digital economy by combining the company's technological approach with I4C's strategic initiatives,” said Nishant Kumar, Director, Indian Cyber Crime Coordination Centre, Ministry of Home Affairs.
In addition to its ongoing initiatives, Razorpay will lead a comprehensive awareness campaign to educate businesses and consumers on important cybersecurity topics.
The fintech platform has established connectivity with over 1,600 cyber crime stations across 25 states and union territories, enabling communication channels to strengthen cooperation in combating cyber crime.
The platform has also organized special workshops. Arif Khan, Chief Innovation Officer, Razorpay, said, “As our digital economy rapidly expands, India is emerging as a global leader in retail transactions and digital payments. With this leadership, it is safe for entrants to banking. “There also comes the responsibility of ensuring a digital payments experience.”
Cyber security is the cornerstone of the development of any nation and its importance cannot be underestimated in a country like India.
“As digital accounts and transactions are increasing, so is the responsibility to protect them from fraud and cyber threats,” Kumar said.
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Image Credit: KhasKhabar.