Razorpay joins MHA to boost cyber security around digital payments ecosystem

Bengaluru, Dec 2: Fintech major Razorpay on Monday said it has partnered with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to boost cyber security around the digital payments ecosystem in the country.

The collaboration aims to empower businesses and end-customers with critical knowledge to protect themselves while driving widespread awareness about cybersecurity across the country.

Recent data from the National Cybercrime Reporting Portal revealed a sharp increase in digital fraud incidents across India, with over 7,000 complaints reported daily (between January and April 2024).

Alarmingly, 85 percent of these complaints involve financial fraud, demonstrating the growing vulnerability of online transactions. From January to April, victims lost more than $21.2 million to cyber crimes.

“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,” said Nishant Kumar, Director, Indian Cybercrime Coordination Centre, MHA.

Razorpay, in addition to its ongoing initiatives, will lead an extensive awareness campaign to educate businesses and consumers on critical topics concerning cybersecurity.

The fintech platform has connected with over 1,600 cybercrime stations across 25 states and union territories, enabling seamless communication channels to strengthen collaboration in combating cybercrime. It has also conducted specialised workshops to showcase its capabilities and share insights into preventing fraud.

“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 and secure digital payment experiences for a young, new-to-banking population,” said Arif Khan, Chief Innovation Officer of Razorpay.

Cybersecurity is the cornerstone of a nation’s development, and in a country like India, which now accounts for 46 percent 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,” Kumar added.