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<ul><li>An earlier report had suggested that <keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> Mall suffered a massive data breach in August 2020.</li><li>It was expected that the breach had compromised data such as the user’s phone number, email address, purchase history, and more.</li><li>An investigation by Troy Hunt has now revealed that the breached data has been fabricated.</li></ul>Update on July 29: Troy Hunt, the founder of Have I been pwned, the platform that had earlier claimed that a data breach occurred at Paytm Mall in 2020 has now revealed that after a chat with Paytm’s team, he has discovered that the data did not originate from Paytm and that it was fabricated. “An update on this breach: after loading it into @haveibeenpwned, the head of @paytm's infosec team reached out and we had a chat about the authenticity of the data, which they believe didn't originate from them. We now collectively believe it's fabricated,” Troy Hunt said in a <a href="https://twitter.com/troyhunt/status/1552808334759043073">tweet</a>. Paytm, one of the largest wallet and payment services platforms, reportedly suffered a massive data breach in 2020. While the company has not accepted this, it had reportedly received a ransom demand after the data breach. Firefox Monitor, a security tracker by Mozilla that informs users if their mobile number or email has been compromised in a data breach, has today confirmed that Paytm suffered a data breach in 2020 and that data of over 3.4 million users has been discovered online. Update - Paytm has clarified the leak. “The data of our users is completely safe &amp; claims related to data leak in the year 2020 are completely false and unsubstantiated. A fake dump uploaded on the platform haveibeenpwned.com appears to wrongly alert of a data breach on Firefox browser. We are getting in touch with Firefox and the platform to resolve the matter," a Paytm spokesperson said in a statement to Business Insider India. <cmsannotation type="cmsannotation" annotationid="What information was compromised in the data breach?" comment="subhead" text="What information was compromised in the data breach?">What information was compromised in the data breach?</cmsannotation> According to a <a href="https://monitor.firefox.com/breach-details/Paytm">report</a> by Firefox Monitor, the data breach compromised information such as the user’s phone number, email address, purchase history, gender, date of birth, location and income levels. Fortunately, payment information such as saved cards was not compromised during the data breach. You need not change your passwords as the data breach did not compromise the passwords. <cmsannotation type="cmsannotation" annotationid="How to find out if your data was compromised?" comment="subhead" text="How to find out if your data was compromised?">How to find out if your data was compromised?</cmsannotation> If you are a Paytm user and wish to know if your data has been compromised, you can follow the below steps – <ul><li>Go to Have I been pwned website <a href="https://haveibeenpwned.com/">here</a>.</li><li>Enter your email address or phone number and click “pwned?”.</li><li>You will then be able to see all the websites or apps where your data was compromised.</li></ul>Several users have been warned by Firefox Monitor, and Have I been pwned that their data was compromised during the breach on Paytm. <div type="twitter" handle="narayananh" handlename="Narayanan Hariharan (NithyaKarma.com)" image="http://pbs.twimg.com/profile_images/1504760174132690949/O8KXUu5h_normal.jpg" favoritecount="73" retweetcount="14" status=".⁦@Paytm⁩ data breach. That's an awful lot of my personal info that Paytm has let out. https://t.co/Jg5BDebhLe" createdat="1658889446000" id="1552120952200507392"></div> <div type="twitter" handle="ankitpr89" handlename="Ankit Prakash" image="http://pbs.twimg.com/profile_images/1216767433605668864/3_a8Y8lQ_normal.jpg" favoritecount="9" retweetcount="1" status="And PayTm data breach. https://t.co/LaRN0PQ7Pm" createdat="1658888869000" id="1552118532552671233"></div> <div type="twitter" handle="_rajendraryadav" handlename="Rajendra Kumar Yadav" image="http://pbs.twimg.com/profile_images/1543647761199153152/wEflOpDK_normal.jpg" favoritecount="0" retweetcount="0" status="@Paytmcare @Paytm I have been warned by @firefox monitor for Data Breach.Is it true?Please confirm?@GoI_MeitY… https://t.co/w4Ftn4vwZ8" createdat="1658894750000" id="1552143198130098176"></div> SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-10t-to-launch-soon-in-india-launch-date-expected-specifications-and-everything-you-need-to-know/articleshow/93153501.cms">OnePlus 10T to launch soon in India – launch date, expected specifications and everything you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/redmi-k50i-mobile-phone-review/articleshow/93001395.cms">Redmi K50i review: A solid performer but lacks the charm of its predecessor</a> <a href="https://www.businessinsider.in/tech/news/android-13-beta-eligible-devices-how-to-download-and-everything-you-need-to-know/articleshow/92857016.cms">Google rolls out final Android 13 beta – eligible devices, how to download, and everything you need to know</a>

Paytm Mall breach data is fabricated, says Have I been Pwned founder Troy Hunt

A cybercriminal group with the alias ‘John Wick on Thursday said in a tweet that it did not hack <keyword id="4225623" type="PERSON" weightage="20" keywordseo="Paytm-Mall">Paytm Mall</keyword>, even as the group claimed responsibility for briefly hacking the Twitter account linked to Prime Minister Narendra Modi's personal website. <div type="Article" hostid="261" msid="77902203" title="Twitter account of PM Modi's personal website hacked — asks followers for Bitcoin and Ethereum donations" mstype="2" mssubtype="0"></div> "This account is hacked by John Wick (hckindia@tutanota.com), We have not hacked Paytm Mall," John Wick posted after taking over the Twitter account. The authenticity of the claims could not be immediately verified. The development comes after cyber-risk intelligence firm Cyble on August 30 wrote in a blog post that "John Wick" was able to upload a backdoor/Adminer on Paytm Mall application/website. The group gained unrestricted access to the entire databases of Paytm Mall, Cyble said in the blog post. "According to the messages forwarded to us by the source, the perpetrator claimed the hack happened due to an insider at Paytm Mall. The claims, however, are unverified, but possible," Cyble said. Paytm Mall said that the claims are "absolutely false". "We would like to assure that all users, as well as company data, is completely safe and secure. We invest heavily in our data security, as you would expect," a Paytm Mall spokesperson said in a statement. "We have been investigating the claims of a possible hack and data breach, and haven't found any security lapses yet. "We also have a Bug Bounty programme, under which we reward responsible disclosure of any security risks. We extensively work with the security research community and safely resolve security anomalies," the spokesperson said. SEE ALSO: <a href="https://www.businessinsider.in/india/news/pm-modi-twitter-account-hacked-heres-what-the-hacker-had-tweeted/articleshow/77902203.cms">Twitter account of PM Modi's personal website hacked — asks followers for Bitcoin and Ethereum donations</a> <a href="https://www.businessinsider.in/tech/enterprise/news/rise-in-work-from-anywhere-will-lead-to-more-outsourcing-thats-an-opportunity-for-tcs-infosys-and-hcl-tech/articleshow/77864248.cms">TCS, Infosys and HCL Tech have the most to gain from post COVID wave of outsourcing</a> <a href="https://www.businessinsider.in/tech/apps/news/india-bans-pubg-wechat-and-118-other-mobile-applications/articleshow/77890776.cms">India bans PUBG, Ludo World, and 116 other Chinese mobile applications</a>

'John Wick' hacked PM Modi's Twitter handle to say they didn't hack Paytm Mall

<ul><li>The Indian government has been a strong propagator of <keyword id="6441632" type="UNKNOWN" weightage="20" keywordseo="Data-localisation">data localisation</keyword> stating that it will improve the security and privacy of data. </li><li>A report by ICRIER and IAMAI finds that data localisation is inconsequential to privacy and will weaken fraud detection. </li><li>It also states that the growth and competitiveness of local firms, especially start-ups and small businesses, will be hampered by data localisation. </li></ul>The Internet is getting faster, more people are coming online, data consumption is higher than ever — but so are the amount of <a href="https://www.businessinsider.in/tech/news/oneplus-data-breach-and-how-to-protect-yourself-against-phishing-emails/articleshow/72242175.cms">data breaches</a>. Financial data in India is <a href="https://www.businessinsider.in/whatsapp-gives-in-to-indias-data-localisation-policy/articleshow/66135946.cms">already localised</a> but the government is looking to bring all data under the new regime with the <a href="https://www.businessinsider.in/apple-microsoft-aws-adobe-akamai-and-ibm-want-discussion-on-personal-data-protection-bill-before-parliament/articleshow/69768390.cms">Personal Data Protection Bill 2019</a>. Their argument is that is will make data more secure if it's stored in Indian servers. India's most vocal propagator of data localisation, Mukesh Ambani — the richest man in the country — also believes Indian data should stay in India since '<a href="https://www.businessinsider.in/data-is-the-new-oil-and-indians-shouldnt-have-scarcity-of-it-says-mukesh-ambani/articleshow/57167743.cms">data is the new oil</a>'. Vijay Shekhar Sharma, founder of the payments service PayTM, proposes that data should be 'stringently domiciled'. However, this may not necessarily be the solution to privacy woes, according to a report by ICRIER and IAMAI on the economic implications of cross-border data flows. Not only will data localisation weaken fraud detection but it could also end up costing India $43 billion in trade. It will also be more costly — not just for global firms but local firms as well. As data localisation turns into an entry barrier, it could result in global retaliation and reduced competitiveness. One place, one target, one hit Just because data is stored all in one place, doesn't make it more secure. In fact, like most bank heist movies will tell you, it makes the target easier to hit. This is not only because all of it will be in one place but because most mature financial services companies use integrate global architectures to manage their data — the localisation of data would impair their functionality. According to the ICRIER-IAMAI report, the weakening of fraud detection systems would likely lead to a ten-fold increase in fraud losses in India. "The costs of maintaining and upgrading these systems, unique to each company, will be recurrent and significant," noted the report. It also added, "The location of data is inconsequential to improving privacy outcomes." Data localisation isn't so good for the locals either The digital services market is highly competitive. In order to stay in the running, companies — Indian and otherwise — have to keep their costs as low as possible. With globalisation and the nature of cloud services, companies can store their data wherever they get the best price — even if that's offshore. But this will no longer be the case if data localisation is made mandatory. Not only will this make things more expensive for digital firms, but customers may also have to bear the brunt of higher prices, according to the ICRIER-IAMAI report. In the short run, it is costing small and medium enterprises (SMEs) to migrate to local servers. Indian data centers might not always have the latest features and updates either. That is another long-term pain point. SMEs have also reported that forcing the development of data centers locally won't only increase the direct cost for businesses but also increase indirect costs — like paying for the power supply. Localisation isn't that good for the customers either Data localisation will mean that it will be harder for foreign countries to enter the Indian market — a barrier to entry. With fewer companies populating the market, competitiveness will take a hit. That means two things — one, the quality of products and the level of innovation will reduce and two, prices are likely to increase. According to the report, companies also fear global retaliation if India is too stringent with its localisation measures — such as higher customs and export restrictions. This will, again, increase the cost of products in the country. It's not that India shouldn't implement data location but 'data' shouldn't be used as a blanket term. Softening the localisation measures to critical or sensitive datasets would minimise the opportunity costs. If India keeps its data borders open, it will increase its total volume of goods trade by an estimated $43 billion annually as cross border data flows increase. Over the past year, India's total Internet bandwidth increased by 35% resulting in $24 billion in trade. See also: <a href="https://www.businessinsider.in/india-personal-data-protection-bill-global-ceo-concerns/articleshow/68389336.cms">Here’s what global tech CEOs have to say about India's data protection laws</a> <a href="https://www.businessinsider.in/policy/news/an-indian-lobby-with-the-likes-of-facebook-flipkart-and-microsoft-as-members-is-still-arguing-against-storing-data-in-india/articleshow/71472585.cms">An Indian lobby with the likes of Facebook, Flipkart, and Microsoft as members is still arguing against storing data in India</a> <a href="https://www.businessinsider.in/data-protection-for-indian-businesses-inadequate/articleshow/68613117.cms">Indian companies know how to sell data but not how to protect it</a>

Data localisation won't help 'local' firms or improve privacy — but it could cost India $43 billion

<ul><li>Letters have been issued to <keyword id="6355629" type="DEFINITION" weightage="20" keywordseo="google">Google</keyword> and <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">Whatsapp</keyword> by the National Payments Corporation of <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword> (NPCI) to clarify their plans to store payments data locally. </li><li>The government is concerned is that while these companies may be storing Indian users’ data locally, it’s being mirrored abroad. </li><li>India’s directive on <keyword id="6441632" type="UNKNOWN" weightage="20" keywordseo="Data-localisation">data localisation</keyword> requires data of local users be stored ‘exclusively’ in the country.</li></ul>The deadline imposed by India’s central bank, the Reserve Bank of India, to store all of Indian users’ data exclusively within the country was October 15, but technology giants like Google and Whatsapp are yet to fully comply with the directive. Officials told the <a href="https://economictimes.indiatimes.com/tech/internet/google-whatsapp-told-to-clear-air-on-data-storage/articleshow/66874386.cms">Economic Times</a> that the National Payments Corporation of India (NPCI) has sent letters to both companies. NPCI, the organisation responsible for all retail payments in the country, is asking Google and Whatsapp to clarify their plans on how they’re storing the data of Indian users from their respective payments platforms within India. The agency’s concern is that while these companies have started storing their data in India, they’re also keeping copies of the data abroad, which violates the rule that data should be ‘exclusively’ stored within the country’s borders. The need for a level playing field Local players in the Indian payments market like Paytm <a href="https://www.medianama.com/2018/09/223-paytm-data-localisation/">say</a> that the move to localise Indian data will benefit startups as well as allay the privacy concerns of citizens through a strong consumer data protection framework. PhonePe, another Indian payments company, has <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/phonepe-cheers-rbi-diktat-on-data-localisation/articleshow/65791504.cms">alleged</a> that global firms have been trying to evade taxes by keeping their data servers outside India. It claims the move is a requisite for the nation’s ‘safety and security’ as well as for the creation of ‘national wealth’. Whatsapp’s hurdles While Whatsapp was the first global company to <a href="https://www.businessinsider.in/whatsapp-gives-in-to-indias-data-localisation-policy/articleshow/66135946.cms">announce</a> that it would comply with India’s payments data localisation demand, it has faced its fair share of hurdles. Other companies like MasterCard, Visa, PayPal, Amazon, Google and Facebook were <a href="https://www.businessinsider.in/google-pay-accused-of-data-payments-violations-by-paytm-in-a-letter-to-the-npci/articleshow/65897649.cms">still seeking</a> extensions at the time of the imposed deadline. Whatsapp’s <a href="https://www.businessinsider.in/beta-no-more-whatsapp-isnt-slowing-down-even-without-an-office/articleshow/65226054.cms">plans</a> to roll out its own payments platform have <a href="https://www.businessinsider.in/what-india-needs-from-whatsapp-might-not-be-so-easily-attainable/articleshow/65497255.cms">faced obstacles</a> after its parent company, Facebook, got embroiled in the Cambridge Analytica’s data breach debacle and the spread of fake news was thought be propagated through its messaging app. The company is yet to fully roll out their payments service, but nearly one million people are already testing <keyword id="4685737" type="PERSON" weightage="20" keywordseo="WhatsApp-payments">Whatsapp Payments</keyword> in India, according to the company. The <a href="https://www.businessinsider.in/heres-what-whatsapp-india-head-will-take-on-as-it-sets-out-to-establish-its-first-full-country-team/articleshow/66751310.cms">recent appointment</a> of Abhijit Bose as the country head, whose previous role was co-founder of Ezetap — a digital payments product for rural households where smartphones could be turned in to point-of-sale devices — is meant to help with the platform’s full roll out. See also: <a href="https://www.businessinsider.in/heres-what-whatsapp-india-head-will-take-on-as-it-sets-out-to-establish-its-first-full-country-team/articleshow/66751310.cms">Here's what WhatsApp India head will take on as it sets out to establish its first full country team</a> <a href="http://.">WhatsApp gives in to India’s data localisation policy</a> <a href="https://www.businessinsider.in/whatsapps-appointment-of-a-grievance-officer-for-india-may-only-be-a-cosmetic-move/articleshow/65945991.cms">WhatsApp’s appointment of a grievance officer for India may only be a 'cosmetic move'</a>

Whatsapp, Google yet to fully comply with India’s data localisation norms despite repeated inquiries from the government

<ul><li><keyword id="155922" type="General" weightage="20" keywordseo="Google-Street-View" source="Orion">Google Street View</keyword> is now available in 10 cities in India.</li><li>The Indian government had banned <keyword id="396894" type="General" weightage="100" keywordseo="street-view" source="Orion">Street View</keyword> security concerns in 2016.</li><li>Here’s everything you need to know about <keyword id="14570024" type="General" weightage="20" keywordseo="how-to-use-Google-Street-View-in-india" source="Orion">how to use Google Street View in India</keyword>.</li></ul> Google Street View, a feature that allows you to view 360-degree panoramic street images is now finally available in India, after being banned by the government over 6 years ago. The government had <a href="https://indianexpress.com/article/technology/tech-news-technology/googles-street-view-turned-down-by-india-2843618/">cited</a> security concerns raised by Indian agencies as the reason for banning Google Street View. Street View is currently live in over 100 countries already. Google has been able to launch Street View in India thanks to the new geospatial policy that was announced last year. It allows local companies to collect data and license it to foreign companies. For this, Google has partnered with Genesys International and Tech Mahindra, allowing it to bring Street View to India. The two companies have together covered over 1,50,000 km across the country. <cmsannotation type="cmsannotation" annotationid="Where is Google Street View available in India?" comment="subhead" text="Where is Google Street View available in India?">Where is Google Street View available in India?</cmsannotation> At present, Google Street View is limited to 10 cities. It will be expanded to 50 cities by the end of the year. <ul><li>Bengaluru</li><li>Chennai</li><li>Delhi</li><li>Mumbai</li><li>Hyderabad</li><li>Pune</li><li>Nashik</li><li>Vadodara</li><li>Ahmednagar</li><li>Amritsar</li></ul><cmsannotation type="cmsannotation" annotationid="How to use Google Street View?" comment="subhead" text="How to use Google Street View?">How to use Google Street View?</cmsannotation> If you are living in one of the 10 eligible cities, you can start using Google Street View by following these steps: <div type="image" title="Street View" msid="93161242" hostid="261" sizebytes="80516" caption="&amp;lt;p&amp;gt;How to use Street View&amp;lt;/p&amp;gt;"></div> <ul><li>Open Google Maps on your device.</li><li>Click on the Map Type button on the right side.</li><li>In the Map details section, click on “Street View”.</li><li>Now, go back to maps and tap on any location.</li><li>You will be able to access different locations by tapping on the arrow buttons.</li></ul>Do note that not all locations are available on Street View at the moment and it might take a while before all locations are available. Interestingly, the announcement comes at a time when homegrown MapmyIndia announced MappIs RealView, its own 360-degree panoramic street view. While Google has covered 1,50,000 km across India, MapmyIndia has covered 1,00,000 km. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/a-massive-data-breach-in-2020-impacted-3-4-million-paytm-usersheres-how-to-find-out-if-your-data-was-compromised/articleshow/93157246.cms">A massive data breach in 2020 impacted 3.4 million Paytm users – here’s how to find out if your data was compromised</a> <a href="https://www.businessinsider.in/tech/mobile/news/oneplus-10t-to-launch-soon-in-india-launch-date-expected-specifications-and-everything-you-need-to-know/articleshow/93153501.cms">OnePlus 10T to launch soon in India – launch date, expected specifications and everything you need to know</a> <a href="https://www.businessinsider.in/tech/news/samsung-teases-its-upcoming-foldable-phone-check-out-the-expected-design-and-features/articleshow/93159080.cms">Samsung teases its upcoming foldable phone - check out the expected design and features</a>

Google Street View now available in India – eligible cities, how to use and everything you need to know

<ul><li>The 14th edition of <keyword id="906455" type="COMPANY" weightage="20" keywordseo="India-Digital-Summit">India Digital Summit</keyword> held in Delhi, will address topics related to policies, advertising and other industry related trends.</li><li>Delegates from Amazon, PayTm and other industry leading firms will address the Summit</li></ul>Union communications minister <keyword id="6354886" type="PERSON" weightage="20" keywordseo="Ravi-Shankar-Prasad">Ravi Shankar Prasad</keyword> will deliver the inaugural address at the 14th India Digital Summit to be on February 5-6 at The Lalit in New Delhi. The flagship event of IAMAI (Internet and <keyword id="592650" type="COMPANY" weightage="20" keywordseo="Mobile-Association-of-India">Mobile Association of India</keyword>) will raise topics like policies, advertising, digital commerce, start-up ecosystem, emerging tech, and other digital trends. Delegates across the ecosystem like cloud, e-commerce, travel, automobile and “India is on the verge of taking the next digital leap, with over 451 million monthly active internet users and is in second place after China in terms of internet users,” IAMAI said. Top executives like <keyword id="215413" type="PERSON" weightage="20" keywordseo="Amit-Agarwal">Amit Agarwal</keyword> of Amazon; Vijay Shekhar Sharma of PayTM; Sanjeev Bikhchandani of Info Edge will also be present at the summit. As digitization and data collection have become common, industry players and the government alike have become increasingly aware of data privacy. Data breaches too are becoming more common, pushing the government to take cognisance of the need to regulate the industry. Data localisation too is a much debated issue where the government wants to keep Indian data in local servers which is making life tough for MNCs. While this theory’s advocates argue that it will help implement data privacy laws more effectively while global firms feel data will be <a href="https://www.businessinsider.in/tech/news/data-localisation-wont-help-local-firms-or-improve-privacy-but-it-could-cost-india-43-billion/articleshow/72251167.cms">more vulnerable if it’s all in one place</a>. In the meanwhile the world of cybersecurity is changing rapidly. Threats continue to evolve at-par, if not faster than cyber intelligence can keep up. Old methods like trojans are still rampant with new threats like phishing attacks, webcam blackmail, and deep fakes ramping up. As all businesses go digital, some of these issues have been dragging them behind. The two day summit will feature a series of leadership talks by Baijayant Panda, former member of parliament; <keyword id="1929751" type="PERSON" weightage="20" keywordseo="Mohit-Bhatnagar">Mohit Bhatnagar</keyword>, managing director, Sequoia; Dhruv Shringi, co-founder &amp; CEO, Yatra and vice-chairman, IAMAI.

India Digital Summit: union communications minister will discuss digital policies, commerce and startups at the summit

<ul><li><keyword id="4009819" type="PERSON" weightage="20" keywordseo="Amazon-Pay">Amazon Pay</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> <keyword id="418872" type="PERSON" weightage="20" keywordseo="digital-wallet">digital wallet</keyword> in <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>, is rolling out user verification (KYC) for its customers.</li><li>Reportedly submitting biometrics using <keyword id="144117" type="ORGANIZATION" weightage="20" keywordseo="AADHAAR">Aadhaar</keyword> credentials is a faster process for verification than other physical documents. </li><li>But concerns related to Aadhaar aren’t about its convenience, but about its security.</li></ul>Amazon Pay is the next digital wallet to roll out physical customer verification — but there’s a catch. If you use your <keyword id="6356006" type="UNKNOWN" weightage="20" keywordseo="Aadhaar-card">Aadhaar card</keyword> for verification, the process is a lot quicker than if you other methods of verification — passport, drivers license, voter ID, or bank statements. It’s not really Amazon’s fault because the biometric verification through Aadhar is simple matter of verifying your fingerprint through a fingerprint reader. But, with other physical documents, the company needs people on the ground to verify the authenticity of the documents. Simply put, the verification through Aadhaar is a lot cheaper for Amazon as compared to using other documents for physical verification. Amazon Pay and other digital wallets have to enforce user verification in line with the Reserve Bank of India’s new policy on data localisation. Not an Amazon-specific problem India’s central bank, the Reserve Bank of India, rolled out its data localisation policy rendering 95% of mobile wallets in the country vulnerable to being shut down. The directive of the policy makes it mandatory for all digital wallets to have biometrics or physical customer verification in place. Even PayTM nudged its users into adopting KYC in order to continue using their wallets. If your PayTM account isn’t verified, you can still receive payments from other users and make payments at retail outlets using the QR-code but you can’t send out money to other users directly. Other digital wallets like MobiKwik have shifted to diversifying themselves because they haven’t been able to push their customers towards KYC norms with RBI’s February deadline coming up. The case with Aadhaar India’s top court has already ruled that private companies can’t make it ‘mandatory’ for Aadhaar to be the only method of user verification. But that doesn’t negate it as an option. The issue that people are facing with Aadhaar isn’t whether or not it’s convenient, but whether or not it’s safe. The series of data breaches associated with the Aadhaar system didn’t happen through actual government database, but through third-party organisations that were using Aadhaar information as user identification. A <a href="https://timesofindia.indiatimes.com/india/80-people-concerned-about-aadhaar-data-security-study/articleshow/64382747.cms">study </a>by Velocity MR estimates that as many as 80% of respondents in India are concerned about data security when it comes to giving out their Aadhaar card information anywhere. It’s not just about identity theft but information being leaked that leads to customers being spammed over text and email — or even phished. This is probably why Amazon is looking to roll out its own Unified Payments Interface (<keyword id="6358921" type="ORGANIZATION" weightage="20" keywordseo="upi">UPI</keyword>) because, in that case, KYC isn’t mandatory for setting up an account. The verification done by the respective banks is enough. See also: <a href="https://www.businessinsider.in/in-india-amazons-fight-is-not-just-with-flipkart-but-with-paytm-google-pay-and-truecaller/articleshow/67456165.cms">In India, Amazon's fight is not just with Flipkart, but with PayTM, Google Pay and Truecaller</a> <a href="https://www.businessinsider.in/indian-government-portal-leaks-8-9mn-aadhaar-details-again/articleshow/63924186.cms">Indian government portal leaks 8.9mn Aadhaar details, again</a> <a href="https://www.businessinsider.in/supreme-court-clarifies-that-aadhar-isnt-mandatory-for-a-new-sim-connection/articleshow/63928188.cms">Supreme Court clarifies that Aadhar isn’t mandatory for a new SIM connection</a>

This is why Amazon wants your Aadhaar number

<ul><li>Last week Facebook CEO <keyword id="6354630" type="PERSON" weightage="20" keywordseo="mark-zuckerberg">Mark Zuckerberg</keyword> said he was ‘optimistic’ that <keyword id="790242" type="COMPANY" weightage="20" keywordseo="WhatsApp">WhatsApp</keyword>’s payments feature would launch in India soon. </li><li>The launch of WhatsApp Payments might be hampered as the Indian government raises security concerns after <keyword id="3598670" type="COMPANY" weightage="20" keywordseo="NSO-Group">NSO Group</keyword>’s spyware attack. </li><li>The RBI and NPCI have been asked to consider whether social networking platforms should be allowed to conduct financial transactions in the first place. </li></ul>Mark Zuckerberg was ‘optimistic’ that WhatsApp Payments will be launching in India soon during the <a href="https://www.businessinsider.in/tech/apps/news/facebooks-mark-zuckerberg-optimistic-that-whatsapp-pay-will-launch-in-india-soon/articleshow/71832709.cms">company’s earnings call last week</a>. Now there's a new hurdle that the company has to overcome before it can roll out its payments platform — security concerns around the WhatsApp after the recent spyware attack. The Indian government is reportedly in talks with the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) to gauge whether it’s a wise decision to allow social networking platforms to conduct financial transactions, according to <a href="https://economictimes.indiatimes.com/tech/internet/whatsapp-fallout-govt-flags-risks-to-payments-through-social-media-companies/articleshow/71883916.cms">ET</a>. WhatsApp has been testing financial transactions on its app for over a year in India in beta mode but only among a million users, as per regulations. A full roll out of the feature would bring the messaging service’s 400 million users onboard WhatsApp Payments. And, it would go head to head against <a href="https://www.businessinsider.in/whatsapp-payments-launching-in-india-against-paytm-google-pay-phone-pe-for-1-trillion-opporunity/articleshow/70376672.cms">Google Pay, PhonePe and Paytm.</a> WhatsApp is yet to gain full approval of its payments platform from necessary authorities and additional security concerns will only hamper the process. WhatsApp’s vulnerability The recent spyware attack that reportedly encroached on the privacy of 1,400 users worldwide and 21 Indian users. <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-confirms-indian-activists-and-journalists-were-hacked-as-nso-claims-its-contractually-prohibited/articleshow/71831583.cms">Two dozen</a> of them were journalists and activists. The hack was allegedly carried out by a Israeli security firm — <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-hacker-pegasus-spyware-attacked-100-others/articleshow/71851228.cms">the NSO Group</a>. Facebook is in the process of <a href="https://www.businessinsider.in/tech/apps/news/heres-why-facebook-is-suing-the-nso-group-over-the-whatsapp-hack/articleshow/71814518.cms">suing NSO</a> for using their flagship software, <a href="https://www.businessinsider.in/tech/apps/news/jeff-bezos-intimate-messages-data-from-drug-cartels-adnan-kashoggi-the-many-things-pegasus-is-suspected-of-hacking-before-whatsapp/articleshow/71849602.cms">Pegasus</a>, to install spyware on user’s phones in order to obtain remote control. Pegasus can reportedly give the malware’s owner full control of a phone — including using the microphone and cameras to conduct surveillance. According to WhatsApp, it alerted the government to spyware breaching Indian user security twice — once in May and then again in September. But the IT Ministry has responded saying that the details shared by the messaging mobile app were in inadequate and incomplete. New regulations are coming India’s Supreme Court <a href="https://www.businessinsider.in/india-supreme-court-order-on-facebook-twitter-and-whatsapp-misuse/articleshow/71275688.cms">directed the central government</a> to form its rules and regulations to govern social media platforms by January 2020. This will bring more clarity around the obligations of WhatsApp and other mobile apps. It light of recent events, it’s possible that these new regulations will include whether or not social networking platforms are allowed to launch their own payments platform. The new guidelines will also determine whether messaging apps are obligated to reveal to origins of messages. WhatsApp maintains that it would be impossible to do so because of end-to-end encryption that doesn’t let anyone read the content of messages except the involved users. <a href="https://www.businessinsider.in/indias-demands-to-whatsapp-are-easier-said-than-done/articleshow/65497255.cms">According to the company</a>, breaking that encryption would compromise the guarantee of user privacy. See also: <a href="https://www.businessinsider.in/whatsapp-payments-launching-in-india-against-paytm-google-pay-phone-pe-for-1-trillion-opporunity/articleshow/70376672.cms">WhatsApp Payments battling Paytm, Google Pay and PhonePe for India's $1 trillion opportunity by end of year</a> <a href="https://www.businessinsider.in/tech/apps/news/heres-why-facebook-is-suing-the-nso-group-over-the-whatsapp-hack/articleshow/71814518.cms">Here’s why Facebook is suing the NSO Group over the WhatsApp hack</a> <a href="https://www.businessinsider.in/tech/apps/news/jeff-bezos-intimate-messages-data-from-drug-cartels-adnan-kashoggi-the-many-things-pegasus-is-suspected-of-hacking-before-whatsapp/articleshow/71849602.cms">Jeff Bezos’ intimate messages, data from drug cartels, Jamal Kashoggi — the many things Pegasus is suspected of hacking before WhatsApp</a>

WhatsApp spyware hack raises security concerns around its upcoming payments service

This is a preview of a research report from <a href="http://www.businessinsider.com/intelligence/bi-intelligence-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_subscription_text_link_payments-ecosystem-2018-12&amp;utm_content=report_teaser&amp;utm_campaign=report_teaser&amp;vertical=payments">Business Insider Intelligence</a>. Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-payments-ecosystem-a-deep-dive-into-the-industrys-biggest-shifts-trends-and-growth-drivers-2018-12">here</a>.The digitization of daily life is making phones and connected devices the preferred payment tools for consumers - preferences that are causing digital payment volume to blossom worldwide.As noncash payment volume accelerates, the power dynamics of the payments industry are shifting further in favor of digital and omnichannel providers, attracting a wide swath of providers to the space and forcing firms to diversify, collaborate, or consolidate in order to capitalize on a growing revenue opportunity.More and more, consumers want fast and simple payments - that's opening up opportunities for providers. Rising e- and m-commerce, surges in mobile P2P, and increasing willingness among customers in developed countries to try new transaction channels, like mobile in-store payments, voice and chatbot payments, or connected device payments are all increasing transaction touchpoints for providers.This growing access is helping payments become seamless, in turn allowing firms to boost adoption, build and strengthen relationships, offer more services, and increase usage.But payment ubiquity and invisibility also comes with challenges. Gains in volume come with increases in per-transaction fee payouts, which is pushing consumer and merchant clients alike to seek out inexpensive solutions - a shift that limits revenue that providers use to fund critical programs and squeezes margins.Regulatory changes and geopolitical tensions are forcing players to reevaluate their approach to scale. And fraudsters are more aggressively exploiting vulnerabilities, making data breaches feel almost inevitable and pushing providers to improve their defenses and crisis response capabilities alike.In the latest annual edition of <a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_store_text_link_payments-ecosystem-2018-12&amp;utm_content=report_store_report_teaser_text_link&amp;utm_campaign=report_teaser_store_link&amp;vertical=payments#!/~/cart/create=JTdCJTIycHJvZHVjdHMlMjIlM0ElNUIlN0IlMjJpZCUyMiUzQSUyMjQ2MzAxNDkyJTIyJTJDJTIycXVhbnRpdHklMjIlM0ElMjIxJTIyJTJDJTIyb3B0aW9ucyUyMiUzQSU3QiU3RCU3RCU1RCU3RA%3D%3D">The Payments Ecosystem Report</a>, <a href="http://www.businessinsider.com/intelligence/bi-intelligence-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_subscription_text_link_payments-ecosystem-2018-12&amp;utm_content=report_teaser&amp;utm_campaign=report_teaser&amp;vertical=payments">Business Insider Intelligence</a> unpacks the current digital payments ecosystem, and explores how changes will impact the industry in both the short- and long-term. The report begins by tracing the path of an in-store card payment from processing to settlement to clarify the role of key stakeholders and assess how the landscape has shifted.It also uses forecasts, case studies, and product developments from the past year to explain how digital transformation is impacting major industry segments and evaluate the pace of change. Finally, it highlights five trends that should shape payments in the year ahead, looking at how regulatory shifts, emerging technologies, and competition could impact the payments ecosystem.Here are some key takeaways from the report: <ul><li>Behind the scenes, payment processes and stakeholders remain similar. But providers are forced to make payments as frictionless as possible as online shopping surges: E-commerce is poised to exceed $1 trillion - nearly a fifth of total US retail - by 2023.</li><li>The channels and front-end methods that consumers use to make payments are evolving. Mobile in-store payments are huge in developing markets, but approaching an inflection point in developed regions where adoption has been laggy. And the ubiquity of mobile P2P services like Venmo and Square Cash will propel digital P2P to $574 billion by 2023.</li><li>The competitive landscape will shift as companies pursue joint ventures to grow abroad in response to geopolitical tensions, or consolidate to achieve rapid scale amid digitization.</li><li>Fees, bans, steering, or regulation could impact the way consumers pay, pushing them toward emerging methods that bypass card rails, and limit key revenue sources that providers use to fund rewards and marketing initiatives.</li><li>Tokenization will continue to mainstream as a key way providers are preventing and responding to the omnipresent data breach threat.</li></ul>The companies mentioned in the report are: CCEL, Adyen, Affirm, Afterpay, Amazon, American Express, Ant Financial, Apple, AribaPay, Authorize.Net, Bank of America, Barclays, Beem It, Billtrust, Braintree, Capital One, Cardtronics, Chase Paymentech, Citi, Discover, First Data, Flywire, Fraedom, Gemalto, GM, Google, Green Dot, Huifu, Hyundai, Ingenico, Jaguar, JPMorgan Chase, Klarna, Kroger, LianLian, Lydia, Macy's, Mastercard, MICROS, MoneyGram, Monzo, NCR, Netflix, P97, PayPal, Paytm, Poynt, QuickBooks, Sainsbury's, Samsung, Santander, Shell, Square, Starbucks, Stripe, Synchrony Financial, Target, TransferWise, TSYS, UnionPay, Venmo, Verifone, Visa, Vocalink, Walmart, WeChat/Tencent, Weebly, Wells Fargo, Western Union, Worldpay, WorldRemit, Xevo, Zelle, Zesty, and ZipRecruiter, among othersIn full, the report: <ul><li>Explains the factors contributing to a swell in global noncash payments</li><li>Examines shifts in the roles of major industry stakeholders, including issuers, card networks, acquirer-processors, POS terminal vendors, and gateways</li><li>Presents forecasts and highlights major trends and industry events driving digital payments growth</li><li>Identifies five trends that will shape the payments ecosystem in the year ahead</li></ul>

The Payment Industry Ecosystem: The trend towards digital payments and key players moving markets

<div class="KonaFilter image-container display-table lead-image-large no-rightrail"><div><div class="image"></div></div></div>This is a preview of a research report from <a href="http://www.businessinsider.com/intelligence/bi-intelligence-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_subscription_text_link_payments-ecosystem-2018-12&amp;utm_content=report_teaser&amp;utm_campaign=report_teaser&amp;vertical=payments">Business Insider Intelligence</a>. Current subscribers can read the report <a href="https://intelligence.businessinsider.com/post/the-payments-ecosystem-a-deep-dive-into-the-industrys-biggest-shifts-trends-and-growth-drivers-2018-12">here</a>.The digitization of daily life is making phones and connected devices the preferred payment tools for consumers - preferences that are causing digital payment volume to blossom worldwide.As noncash payment volume accelerates, the power dynamics of the payments industry are shifting further in favor of digital and omnichannel providers, attracting a wide swath of providers to the space and forcing firms to diversify, collaborate, or consolidate in order to capitalize on a growing revenue opportunity.More and more, consumers want fast and simple payments - that's opening up opportunities for providers. Rising e- and m-commerce, surges in mobile P2P, and increasing willingness among customers in developed countries to try new transaction channels, like mobile in-store payments, voice and chatbot payments, or connected device payments are all increasing transaction touchpoints for providers.This growing access is helping payments become seamless, in turn allowing firms to boost adoption, build and strengthen relationships, offer more services, and increase usage.But payment ubiquity and invisibility also comes with challenges. Gains in volume come with increases in per-transaction fee payouts, which is pushing consumer and merchant clients alike to seek out inexpensive solutions - a shift that limits revenue that providers use to fund critical programs and squeezes margins.Regulatory changes and geopolitical tensions are forcing players to reevaluate their approach to scale. And fraudsters are more aggressively exploiting vulnerabilities, making data breaches feel almost inevitable and pushing providers to improve their defenses and crisis response capabilities alike.In the latest annual edition of <a href="http://www.businessinsider.com/intelligence/research-store?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_store_text_link_payments-ecosystem-2018-12&amp;utm_content=report_store_report_teaser_text_link&amp;utm_campaign=report_teaser_store_link&amp;vertical=payments#!/~/cart/create=JTdCJTIycHJvZHVjdHMlMjIlM0ElNUIlN0IlMjJpZCUyMiUzQSUyMjQ2MzAxNDkyJTIyJTJDJTIycXVhbnRpdHklMjIlM0ElMjIxJTIyJTJDJTIyb3B0aW9ucyUyMiUzQSU3QiU3RCU3RCU1RCU3RA%3D%3D">The Payments Ecosystem Report</a>, <a href="http://www.businessinsider.com/intelligence/bi-intelligence-payments-research-bundle?IR=T&amp;utm_source=businessinsider&amp;utm_medium=report_teaser&amp;utm_term=report_teaser_subscription_text_link_payments-ecosystem-2018-12&amp;utm_content=report_teaser&amp;utm_campaign=report_teaser&amp;vertical=payments">Business Insider Intelligence</a> unpacks the current digital payments ecosystem, and explores how changes will impact the industry in both the short- and long-term. The report begins by tracing the path of an in-store card payment from processing to settlement to clarify the role of key stakeholders and assess how the landscape has shifted.It also uses forecasts, case studies, and product developments from the past year to explain how digital transformation is impacting major industry segments and evaluate the pace of change. Finally, it highlights five trends that should shape payments in the year ahead, looking at how regulatory shifts, emerging technologies, and competition could impact the payments ecosystem.Here are some key takeaways from the report: <ul><li>Behind the scenes, payment processes and stakeholders remain similar. But providers are forced to make payments as frictionless as possible as online shopping surges: E-commerce is poised to exceed $1 trillion - nearly a fifth of total US retail - by 2023.</li><li>The channels and front-end methods that consumers use to make payments are evolving. Mobile in-store payments are huge in developing markets, but approaching an inflection point in developed regions where adoption has been laggy. And the ubiquity of mobile P2P services like Venmo and Square Cash will propel digital P2P to $574 billion by 2023.</li><li>The competitive landscape will shift as companies pursue joint ventures to grow abroad in response to geopolitical tensions, or consolidate to achieve rapid scale amid digitization.</li><li>Fees, bans, steering, or regulation could impact the way consumers pay, pushing them toward emerging methods that bypass card rails, and limit key revenue sources that providers use to fund rewards and marketing initiatives.</li><li>Tokenization will continue to mainstream as a key way providers are preventing and responding to the omnipresent data breach threat.</li></ul>The companies mentioned in the report are: CCEL, Adyen, Affirm, Afterpay, Amazon, American Express, Ant Financial, Apple, AribaPay, Authorize.Net, Bank of America, Barclays, Beem It, Billtrust, Braintree, Capital One, Cardtronics, Chase Paymentech, Citi, Discover, First Data, Flywire, Fraedom, Gemalto, GM, Google, Green Dot, Huifu, Hyundai, Ingenico, Jaguar, JPMorgan Chase, Klarna, Kroger, LianLian, Lydia, Macy's, Mastercard, MICROS, MoneyGram, Monzo, NCR, Netflix, P97, PayPal, Paytm, Poynt, QuickBooks, Sainsbury's, Samsung, Santander, Shell, Square, Starbucks, Stripe, Synchrony Financial, Target, TransferWise, TSYS, UnionPay, Venmo, Verifone, Visa, Vocalink, Walmart, WeChat/Tencent, Weebly, Wells Fargo, Western Union, Worldpay, WorldRemit, Xevo, Zelle, Zesty, and ZipRecruiter, among othersIn full, the report: <ul><li>Explains the factors contributing to a swell in global noncash payments</li><li>Examines shifts in the roles of major industry stakeholders, including issuers, card networks, acquirer-processors, POS terminal vendors, and gateways</li><li>Presents forecasts and highlights major trends and industry events driving digital payments growth</li><li>Identifies five trends that will shape the payments ecosystem in the year ahead</li></ul>

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