7.38 Crore Stolen From Payment Gateway Of Razorpay
- Razorpay conducted an internal investigation and found 831 transactions were made against 16 unique merchants.
- These 831 transactions were marked as failed or unsuccessful by Fiserv.
- The Razorpay said its payment gateway is at par with the industry standards.
Bengaluru: Hackers and fraudulent customers have stolen Rs 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.
Following the communication from Fiserv, Razorpay conducted an internal investigation and found out 831 transactions against 16 unique merchants of Razorpay, from March 6 to May 13 this year “to a tune of Rs 7,38,36,192”, the complainant said.
These 831 transactions were marked as failed or unsuccessful by Fiserv, owing to authentication and authorization failure. However, it is found out that certain unknown hackers and fraudulent customers have tampered, altered and manipulated the ‘authorization and authentication process’…,”
In this connection, 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.
The company is ISO 27k, PCI-DSS and SOC 2 compliant, which applies end-to-end transaction data security features, combined with strong authentication and authorisation protocols to protect businesses from potential threats.