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#FalseAuthorisation: Payment Gateway Firm Razorpay Looses Rs 7.38 Cr To Hackers

Meanwhile, the Razorpay said its payment gateway is at par with the industry standards on data security

Hackers and fraudulent customers have stolen ₹7.38 crore by tampering and manipulating the authorisation process of Razorpay Software to authenticate 831 failed transactions, according to a police complaint lodged by the payment gateway company. 

In his complaint to the South East Cyber Crime Cell lodged on May 16, Razorpay's Head of Legal Disputes and Law Enforcement Abhishek Abhinav Anand said the company was unable to reconcile receipt of ₹7.38 crore against 831 transactions. 

On contacting its 'authorisation and authentication partner' Fiserv, a fintech and payments company, it was communicated to Razorpay that these transactions had failed and were not authorised or authenticated, the complainant said. 

In this connection, Anand furnished the details of the fraudulent transactions along with date time and IP address, along with other relevant details to the police for inquiry. 

The police said they are investigating the matter. 

Meanwhile, the Razorpay said its payment gateway is at par with the industry standards on data security.

(PTI) 


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