Fintech major Razorpay on Monday said it has partnered 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 per cent 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.