has collaborated with the Ministry of Home Affairs (MHA) and the Indian Cyber Crime Coordination Centre (I4C) to enhance cybersecurity in the digital payments sector in India.
This partnership focuses on equipping businesses and consumers with crucial knowledge to safeguard themselves, while also raising nationwide awareness about cybersecurity challenges. Alarmingly, 85% of reported cybercrime cases involve financial fraud, highlighting the increasing risks in online transactions. Between January and April of 2024, victims collectively lost over USD 21.2 million to such crimes.
Officials from the I4C, emphasized the initiative’s significance, stating that the partnership with Razor Pay combines their technological expertise with I4C’s strategic initiatives to strengthen the digital economy in India.
Strengthening digital security
As part of the collaboration, Razor Pay will spearhead an extensive awareness campaign, educating businesses and consumers on essential cybersecurity topics. According to the announcement, the platform has already established connections with more than 1,600 cybercrime stations across 25 states and union territories, creating robust communication networks to combat cybercrime. It has also conducted specialized workshops to share strategies for fraud prevention and showcase its capabilities.
Officials from Razor Pay highlighted India’s rapid growth in digital payments, noting that the nation has a responsibility to ensure safe digital experiences for its growing population of new digital users. Cybersecurity is integral to national progress, especially in a country like India, which accounts for 46% of global digital payment volumes. The rise in digital transactions has been accompanied by increased risks, as seen in recent data from the National Cybercrime Reporting Portal, which recorded over 7,000 complaints daily from January to April 2024.
