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Digital payment providers to fix firewalls as transactions swell
At a time when the cyber vulnerability in the payment gateways of e-wallet companies are becoming visible as they witness a rise in usage and popularity, upgraded security is the only way to safeguard millions of first-time users.
New Delhi : At a time when the cyber vulnerability in the payment gateways of e-wallet companies are becoming visible as they witness a rise in usage and popularity, upgraded security is the only way to safeguard millions of first-time users.
In December, the Central Bureau of Investigation (CBI) registered a case against 15 Paytm customers for allegedly cheating the digital wallet of Rs 6.15 lakh ($9,000). This was done on a complaint by Paytm’s parent company One97, which is backed by China’s Alibaba Group.
The case was registered under various sections dealing with criminal conspiracy, forgery etc, and under the provisions of the Information Technology (IT) Act.
According to top company executives, wallet security has been a prime concern for them post-demonetisation as transactions have grown manifold. “No one can actually hack into our servers and steal data or money because there are different levels of security,” Deepak Abbot, Senior Vice-President at Paytm, said, adding that they had intrusion-detection programmes by third-party security experts that regularly check the systems for any vulnerability.
Paytm claims to have over 177 million users (as of December 2016) and have handled nearly one billion transactions last year. According to Abbot, the number of transactions at Paytm is up three times as compared to the numbers recorded before demonetisation and the volume has grown 3.5 times.
“As per the RBI guidelines, every wallet needs to keep the users’ money in an escrow account. So even if the escrow account is of Paytm, the company cannot access it. Also, on a daily basis, the company has to share the transaction data with the RBI. We are as transparent as can be because of the rules and regulations,” Abbot noted.
According to Rohan Khara, Director of Product, MobiKwik, their user base has crossed 45 million and they are witnessing five million transactions daily.
“MobiKwik takes security very seriously. It is PCI-DSS and ISO27001 certified, takes care of the various information security measures to ensure the security of application and protects its business from emerging threats and frauds," Khara told IANS.
“We are soon launching a PIN with which users can access their account through an alternate number in case of a lost phone,” Khara added.
Security experts emphasise that as the numbers grow, newer forms of vulnerabilities will be exposed in the payment gateways, suggesting that upgraded security is the only way to safeguard small and medium businesses from losing their hard-earned money.
