Payment Fraud

NPCI takes only an average of 24 hours to respond to frauds

Easebuzz, Razorpay, Cashfree and Paytm impacted

Payment system participants will be provided access to this registry for near-real time fraud monitoring. The aggregated fraud data will be published to educate customers on emerging risks

To retrieve the money, the company has now reached out to various agencies and registered a complaint against the employee

The RBI has decided to review the business models of payment aggregators in view of a spate of frauds hitting customers.

Part of the problem is the manner in which eco-system participants on-board and service customers

Hackers may also resort to malicious redirection to fake sites, reports Tech in Asia