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Hackers Steal ₹7.3 Crore In 831 Transactions Over 3 Months From Payment Gateway Company Razorpay
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Karnataka, 21 May 2022 5:38 AM GMT | Updated 21 May 2022 5:10 PM GMT
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Razorpay's Head of Legal Disputes and Law Enforcement Abhishek Abhinav Anand has stated the company was unable to reconcile the receipt of ₹7.38 crore against the 831 transactions.
Hackers and fraudulent customers have stolen more than ₹7.3 crores by manipulating the authorisation process of Razorpay software. The payment gateway company lodged a police complaint, stating that the company could not reconcile the receipt of ₹7.38 crore against 831 transactions.
While contacting its authorisation partner, 'Fiserv' a fintech and payment company, they informed Razorpay that these transactions had failed and were not authorised or authenticated.
Unsuccessful Transactions
The police are currently attempting to track down the hacker on the basis of online transactions. In an internal probe carried out by Razorpay Software Private Limited found that some individuals had tampered, manipulated and altered the 'authorisation and authentication process'. As a result of this, false 'approvals' were pushed to Razorpay against the 831 failed transactions. This ultimately resulted in a massive loss amounting to ₹7,38,36,192, according to The Hindu.
Furthermore, the company also carried out an audit of the platform to ensure no other systems, no merchant data and funds, and end consumers were affected. Meanwhile, Razorpay said its payment gateway is at par with the industry standards on data security.
The company is ISO 27k, PCI-DSS and SOC 2 compliant, which applies end-to-end transaction data security features combined with solid authentication and authorisation protocols to protect businesses from potential threats, reported NDTV.
Steps Taken By Razorpay
Due to this, false altered communications as 'approved' were sent to the Razorpay system against the 831 transactions, resulting in losses of ₹ 7,38,36,192 to Razorpay, stated Head of Legal Disputes and Law Enforcement Abhishek Abhinav Anand.
Razorpay has proactively taken steps to mitigate the issue permanently and eliminate future occurrences. Razorpay has already recovered part of the amount and is proactively working with the relevant authorities for the rest of the process.
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