Paytm Employing Technologies and Tools to Fight Cyber Fraud |
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Paytm accepted that there had been a rise in digital wallet-related fraud, but believed that a concentrated effort by the entire financial ecosystem was needed to combat it. Gupta said in this regard, “Fighting cyber fraud requires the concentrated effort of everyone in the ecosystem including financial institutions, telcos, police machinery as well as the government.”
In the Indian financial ecosystem, there were several laws that governed the digital payments space (See Exhibit IX). The Reserve Bank of India (RBI) .. |
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PayPal (11 USD)
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| Fraud can generally be defined as criminal deception intended to result in financial or personal gain. Fraud encompassed a variety of crimes that included, but was not limited to, fraud by false representation, fraud by failing to disclose information, fraud by abuse of position and obtaining services dishonestly. Internet fraud was a type of fraud or deception which made use of the Internet and could involve hiding of information or providing incorrect information for the purpose of deceiving victims for money or property. It involved the use of Internet services or software with Internet access to cheat victims or take advantage of them. .. |
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| Paytm employed certain IT tools to combat the cyber fraud. These tools included data security measures against fraud, as well as fraud detection systems like Data Encryption, Intrusion Detection Systems, and AI. By leveraging these tools, Paytm made sure that the data at Paytm was encrypted and constantly monitored for any fraudulent activities. .. |
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| Paytm was also taking other necessary measures to combat fraud and save the money of customers. The company realized the importance of creating awareness among customers to prevent them from becoming a victim of fraud. Toward this end, Paytm undertook several measures including awareness drives that would educate its users on the latest fraud trends and give them tips to keep themselves safe. Gupta said, .. |
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| In December 2019, the RBI revealed that the total number of digital transactions was expected to increase more than four times from Rs.20.69 billion in December 2018 to Rs. 87.07 billion by December 2021. Paytm, which had a 70% share in offline merchant payments, planned to cross 250 million active users by the end of FY20. .. |
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Exhibit I: Digital Payments Market in India - 2018
Exhibit II: Paytm Timeline
Exhibit III: Assorted Products and Services Offered by Paytm
Exhibit IV: Assorted Products Offered by Paytm Payments Bank for Consumers and Businesses
Exhibit V A: Companies Information and their Stake Holding Value in Paytm
Exhibit V B: Paytm Stakeholders and Value of Stake held in Paytm as per the Valuation after Last Funding Round in 2018
Exhibit VI: Information about Competitors to Paytm
Exhibit VII: UPI Transactions by Brand as of July 2019 (In Millions)
Exhibit VIII: Audited Financial Statements and Accounts of One97 Communications Limited
Exhibit IX: The Regulatory Framework for Digital Wallets in India
Exhibit X: Data Encryption Process
Exhibit XI:
Intrusion Detection System Architecture
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