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The <keyword id="6354977" type="ORGANIZATION" weightage="20" keywordseo="Supreme-Court">Supreme Court</keyword> Friday said it would hear on November 23 the plea filed by Rajya Sabha MP Binoy Viswam seeking direction to the RBI for framing regulation to ensure that data collected on UPI platforms is not "exploited" or used in any manner other than for processing payments. The matter came up for hearing before a bench comprising Chief Justice S A Bobde and Justices A S Bopanna and V Ramasubramanian which listed it for hearing next week. On October 15, the apex court had sought responses from the Centre, Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) and others including Google Inc, Facebook Inc, WhatsApp and Amazon Inc on the plea. Viswam, the Communist Party of India (CPI) leader, has sought a direction to the RBI and the NPCI to ensure that data collected on Unified Payments Interface (UPI) platforms is not shared with their parent company or any other third party under any circumstances. "In India, the UPI payments system is being regulated and supervised by Respondent no. 1 (RBI) and Respondent no. 2 (NPCI), however the RBI and the NPCI instead of fulfilling their statutory obligations and protecting and securing the sensitive data of users are compromising the interest of the Indian users by allowing the non-compliant foreign entities to operate its payment services in India," the plea has alleged. "The RBI and NPCI have permitted the three members of 'Big Four Tech Giants' i.e. Amazon, Google and Facebook/WhatsApp (Beta phase) to participate in the UPI ecosystem without much scrutiny and in spite of blatant violations of UPI guidelines and RBI regulations," it claimed. The plea has alleged that this conduct of RBI and NPCI put the sensitive financial data of Indian users at huge risks, especially when these entities have been "continuously accused of abusing dominance and compromising data", among other things. It said these allegations have become particularly worrisome at a time when India has banned host of Chinese applications on the ground that those applications were or could be used for data theft and could lead to security breaches. It has further sought a direction that RBI and NPCI should ensure that WhatsApp is not permitted to launch full scale operations of 'WhatsApp Pay' in India without fulfilling all legal compliances to the satisfaction of the court regarding requisite regulatory compliances. It said that in April 2018, the RBI, with a view to secure the data of Indian users, had issued a circular directing all system providers to ensure that entire data relating to payment systems operated by them are stored in systems only in India and they were asked to ensure compliance by October 15, 2018. The plea claimed that later, the RBI toned down the April 2018 circular by issuing Frequently Asked Questions (FAQs) and permitted processing of all payment transaction abroad, including domestic transactions. In the said FAQ it was clarified that in cases of data processing done abroad, the data should be deleted from the systems abroad and brought back to India within 24 hours, the plea said. It has sought the apex court's direction to declare the FAQ dated June 26, 2019 issued by the RBI as ultra vires to the circular dated April 6, 2018. The plea referred to another pending petition in the apex court and said that in that matter, the counsel appearing for WhatsApp had undertook that his client would not go ahead with payment services without complying with all the regulation in force. It alleged that Google and Facebook already have access to "immense personal data of millions of Indian users" and if they are permitted to collect "unrestricted financial data" of Indian users while operating at the UPI platform, the same would give them "draconian control" over sensitive Indian data. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/mumbais-massive-power-cut-last-month-may-have-been-the-work-of-hackers/articleshow/79318282.cms">Mumbai’s massive power cut last month may have been the work of hackers</a> <a href="https://www.businessinsider.in/stock-market/news/vodafone-idea-shares-jump-after-selling-stake-in-indus-towers-for-3760-crore/articleshow/79316662.cms">Vodafone Idea soars nearly 5% on fund infusion from Indus Towers stake sale</a> <a href="https://www.businessinsider.in/tech/apps/news/pubg-mobile-india-was-supposed-to-launch-today/articleshow/79315462.cms">PUBG Mobile India was rumoured to launch today — but there is no official update from the company</a>

Plea for regulation to ensure UPI data is not 'exploited' to be heard by the Supreme Court on November 23

<ul><li>India’s central bank has announced that users will soon be able to link credit cards with <keyword id="6358921" type="General" weightage="100" keywordseo="upi" source="Orion">UPI</keyword> apps.</li><li>Analysts believe that this could benefit not just popular UPI apps like <keyword id="6357886" type="General" weightage="20" keywordseo="phonepe" source="Orion">PhonePe</keyword> and Google Pay, but also <keyword id="116253" type="General" weightage="20" keywordseo="sbi-cards" source="Orion">SBI Cards</keyword>, among other credit card providers.</li><li>RBI’s move will not only make credit card payments easier, but it could also lower costs for credit card companies.</li></ul>The Reserve Bank of India announced a new policy allowing credit card users to <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">link their card</a> to their UPI accounts to easily pay online and offline by scanning a QR code or by just entering the recipient’s UPI ID. Initially, only RuPay credit card users will be able to link their card to their UPI account. Users having a credit card from Visa and Mastercard will have to wait a bit longer to link it with UPI. While RBI’s decision to allow credit cards to be linked to UPI is aimed at making payments easier for card holders, established UPI apps like PhonePe and Google Pay could reap the rewards. Not just this, analysts at Macquarie believe that this could also benefit established credit providers like SBI Cards, lowering their costs and increasing credit card acceptance by several magnitudes. “There are only 6 million card accepting point of sale machines in India vs ~50 million merchants accepting UPI payments. There are 180 million UPI QRs in India. This should be very positive for card spends,” a research note by Macquarie said. <div type="image" title="SBI Cards 01_01_22 to 09_06_22." msid="92099559" hostid="261" caption="&amp;lt;p&amp;gt;SBI Cards share price.&amp;lt;/p&amp;gt;"></div> <cmsannotation type="cmsannotation" annotationid="Will make payments easier" comment="subhead" text="Will make payments easier">Will make payments easier</cmsannotation> The introduction of UPI has changed the way Indians make payments. You no longer have to carry cash with you as even small roadside vendors to high-end shops allow you to pay using UPI. The new policy will have a similar impact on credit cards as UPI had on cash. You will no longer have to carry multiple credit cards with you when you go out as you will be able to use any UPI app to pay using your credit card. Similarly, you won’t have to search for your credit card details every time you make an online payment as you will be able to use your UPI app. <div type="Article" hostid="261" msid="91784122" title="The most valuable credit cardholders are not from HDFC, SBI, Citi or other major credit card companies" mstype="2" mssubtype="0"></div> “Over a period of time, UPI has become a transaction channel of choice for consumers for digital payments. With linking of credit cards to UPI, this would add on to the convenience for consumers, who would not need to use their physical card,” said Dewang Neralla, chief executive officer, NTT DATA Payment Services India to Business Insider India. This also means that you longer have to save your card details on merchant websites, which means your payment information is less likely to be compromised in case of a data leak or hack. <cmsannotation type="cmsannotation" annotationid="Credit card penetration is still low, but more valuable" comment="subhead" text="Credit card penetration is still low, but more valuable">Credit card penetration is still low, but more valuable</cmsannotation> As of March 2022, there were over 7.4 crore credit cards in India and this number is considerably small when you consider that there were over 92 crore debit cards during the same time. However, credit card users transacted over ₹1,07,000 crore in March, while debit card users stood at ₹91,500 crore. During the same time period, UPI transactions amounted to ₹9,60,582 crore, which is nearly nine times that of credit cards. <div type="Article" hostid="261" msid="91759657" title="An Indian credit card user spends ₹14,500 a month on average – 20x more than debit card users" mstype="2" mssubtype="0"></div> The Macquarie report also added that credit cards will get a major boost to go digital, lowering the costs of customer acquisition and improving engagement, too. <cmsannotation type="cmsannotation" annotationid="PhonePe and Google Pay to get a boost" comment="subhead" text="PhonePe and Google Pay to get a boost">PhonePe and Google Pay to get a boost</cmsannotation> PhonePe and Google Pay are currently dominating the UPI segment in the country with over 80% of all UPI transactions being processed on the two apps. The new credit card linking policy will come as a boost to these apps as credit card users will likely do most of the credit card transactions using these apps. This means a market that is worth ₹1.07 lakh crore and growing rapidly just opened up for these apps. A credit card user on an average spends over ₹14,500 per month per card, which is 21 times more than the ₹692 per month per card spent by debit card users. “The decision to introduce credit cards, starting with RuPay, on the UPI platform will not only boost the number and overall quantum of transactions, but it will widen the customer base as more and more credit card holders are likely to transact through UPI,” Raj Khosla, founder, MyMoneyMantra told Business Insider India. SEE ALSO: <a href="https://www.businessinsider.in/finance/news/rupay-credit-cards-will-soon-be-linked-to-upi-says-rbi-governor-shaktikanta-das/articleshow/92074759.cms">Rupay credit cards to be linked to UPI soon – other credit cards to follow later</a> <a href="https://www.businessinsider.in/finance/banks/news/indusind-bank-has-most-valuable-credit-cardholders-in-india-compared-to-hdfc-sbi-citi/articleshow/91784122.cms">The most valuable credit cardholders are not from HDFC, SBI, Citi or other major credit card companies</a> <a href="https://www.businessinsider.in/finance/banks/news/an-indian-credit-card-user-spends-14500-a-month-on-average-20x-more-than-debit-card-users/articleshow/91759657.cms">An Indian credit card user spends ₹14,500 a month on average – 20x more than debit card users</a>

SBI Cards, PhonePe, Google Pay to benefit from RBI allowing credit cards to be linked to UPI, say analysts

<keyword id="50691" type="General" weightage="50" keywordseo="digital" source="Orion">Digital</keyword> payments in India saw a <a href="https://www.republicworld.com/india-news/economy/digital-payments-in-india-see-78-percent-rise-in-2020-as-nation-heads-towards-cashless-economy.html" data-type="tilCustomLink">78% rise</a> in 2021 as compared to 2020. People’s concerns also rose with the rise in digital payments. Covid-19 brought-on a surge in online payments, leaving consumers much more concerned about their safety, with <a href="https://www.livemint.com/news/india/consumers-more-concerned-about-digital-payment-frauds-survey-11623585064492.html" data-type="tilCustomLink">71% of people</a> sharing concerns about online scams and frauds. This is a sharp increase from 47% at the beginning of the pandemic. 30% of consumers also feared their financial data being leaked online. However, when people think about online frauds and scams, they often don’t take into account the payment gateway (PG) they’re using. For early start-ups, using a secure payment gateway is of high priority if they wish to retain customer trust, increase sales, and ensure the safety of their internal data. <cmsannotation type="cmsannotation" annotationid="What is a Payment Gateway" comment="subhead" text="What is a Payment Gateway">What is a Payment Gateway</cmsannotation> A payment gateway lets consumers enter into other networks and pay online for their purchases through websites. To alleviate data concerns, <keyword id="30067" type="General" weightage="50" keywordseo="rbi" source="Orion">RBI</keyword> undertook certain initiatives in 2021, which did not let any website save consumer data. Hence, domestic online merchants and e-commerce firms had to delete the saved card details of their customers from their servers. Since the online merchants cannot hold any customer payment data, it becomes evident that only a good payment gateway can help secure consumer data and avoid leakages due to data breaches. PGs help both parties involved. While a merchant needs an easy flow of transactions without any hiccups, a consumer values a carefree payment environment. A payment gateway helps with data privacy (by ensuring no 3rd party can view the data fed by the consumer) and not letting data get hampered. <cmsannotation type="cmsannotation" annotationid="Paytm Payment Gateway: What sets it apart" comment="subhead" text="Paytm Payment Gateway: What sets it apart"><keyword id="6357120" type="General" weightage="100" keywordseo="paytm" source="Orion">Paytm</keyword> Payment Gateway: What sets it apart</cmsannotation> <keyword id="10476989" type="General" weightage="80" keywordseo="paytm-pg" source="Orion">Paytm PG</keyword>’s security features for merchants ensure data safety and a smooth flow of transactions. <cmsannotation type="cmsannotation" annotationid="Data privacy" comment="subhead" text="Data privacy">Data privacy</cmsannotation> Paytm PG APIs are secured with HTTPS protocol and checksum logic. An HTTPS protects the privacy and security of website users by preventing hackers from passively listening to communication between the browser and the server. Additionally, checksum logic ensures that data cannot be tampered with while being transported from one server to the other during a transaction. <cmsannotation type="cmsannotation" annotationid="Fraud prevention" comment="subhead" text="Fraud prevention">Fraud prevention</cmsannotation> Following RBI guidelines and PCI DSS security mandate, Paytm PG converts the 16- digit debit/credit card number into a unique identifier —a token. Thus, even if any 3rd party or hacker enters the PG, they won’t be able to decipher the value of this token, thereby safeguarding sensitive data. <cmsannotation type="cmsannotation" annotationid="Foolproof encryption" comment="subhead" text="Foolproof encryption">Foolproof encryption</cmsannotation> Paytm PG is PCI DSS Level 1 certified. This RBI-recognized certificate ensures the security of customer data from possible cyber threats. Paytm has the most advanced 128 bit AES encryption &amp; is <keyword id="55014" type="General" weightage="50" keywordseo="ssl" source="Orion">SSL</keyword> certified, which along with the AI-led real-time risk detection and fraud prevention technology means utmost security for the end customers. <cmsannotation type="cmsannotation" annotationid="Limited redirections" comment="subhead" text="Limited redirections">Limited redirections</cmsannotation> Any customer transacting on Paytm Payment gateway faces minimal redirections to other pages, that too, to secure bank pages only. This keeps the customers within the secure Paytm PG environment. This improves the success rate of a transaction. Paytm PG supports 3,000 TPS (transactions per second) vs Industry-standard of &lt; 1,000 TPS. <cmsannotation type="cmsannotation" annotationid="Cutting-edge technology" comment="subhead" text="Cutting-edge technology">Cutting-edge technology</cmsannotation> Paytm PG focuses on leveraging new technologies in an innovative way to provide better security and higher payment control to customers. A prominently displayed interoperable QR in desktop checkouts and <keyword id="6358921" type="General" weightage="50" keywordseo="upi" source="Orion">UPI</keyword>-Push functionality are two such examples. Using the QR method, customers can initiate the payment by scanning through Paytm or any other UPI app. This puts them in full control of making the payment unlike <keyword id="510437" type="General" weightage="50" keywordseo="otp" source="Orion">OTP</keyword> driven logins that are vulnerable to abuse. Further, unlike UPI collect which is particularly vulnerable to abuse these days owing to its popularity, Paytm is now shifting focus to a new <keyword id="14028702" type="General" weightage="50" keywordseo="upi-push" source="Orion">UPI push</keyword> technology that will allow users to enjoy the ease of UPI payments within the secure Paytm environment . UPI Push is a unique feature that allows Paytm users to pay using any bank account from within the Paytm environment, which has several layers of security. <cmsannotation type="cmsannotation" annotationid="Transparency" comment="subhead" text="Transparency">Transparency</cmsannotation> Because of the high volume of transactions, merchants are sometimes unsure of the status of the transaction. The callback URLs, status check URLs and webhook URLs allow merchants to check the final status of the transaction before servicing the customer. A merchant can easily double check the status of the transaction before issuing tickets and changing inventory at their end. An on-the-spot notification about the status of the transaction reduces the risk of loss in case of failed or pending transactions. Trusted by over 300 million Indians, Paytm PG is the right choice for start-ups who want complete safety of their own and their customers' data. Since it is instantly activated, easy to integrate, and offers 100+ payment sources, opting for the <a href="https://business.paytm.com/payment-gateway?utm_source=Business_Insider&amp;utm_medium=Publisher&amp;utm_campaign=India_Today_Publisher_Payment_Gateway_Security_Features" data-type="tilCustomLink">Paytm PG </a>is the ultimate choice if one wishes to build trust with customers and help them steer clear of online scams. For more information on Paytm PG visit their <a href="https://business.paytm.com/payment-gateway?utm_source=Business_Insider&amp;utm_medium=Publisher&amp;utm_campaign=India_Today_Publisher_Payment_Gateway_Security_Features" data-type="tilCustomLink">payment gateway website</a> Disclaimer: This article is generated and published by the <keyword id="14028703" type="General" weightage="50" keywordseo="insider-studios" source="Orion">Insider Studios</keyword> team. You can get in touch with them on insiderstudios@businessinsider.in

71% of consumers are concerned about online fraud. Here is how Paytm Payment Gateway’s security features are helping businesses build trust.

The <keyword id="394949" type="CITY" weightage="20" keywordseo="National-Payments-Corporation">National Payments Corporation</keyword> of India (<keyword id="193629" type="COMPANY" weightage="20" keywordseo="NPCI">NPCI</keyword>) on Tuesday said that there has been no data compromise pertaining to the <keyword id="4013165" type="PERSON" weightage="20" keywordseo="BHIM-app">BHIM App</keyword> and has requested everyone not to fall prey to such incorrect information. In a statement, the NPCI said that it has conducted an independent verification of the recent news, including through a leading Digital Risk Monitoring firm who has reconfirmed that the claims against the BHIM App are untrue. "There is no data leak with respect to the BHIM app," it said. The statement comes a day after a <a href="https://www.vpnmentor.com/blog/report-csc-bhim-leak/" data-type="tilCustomLink">report</a> said that security researchers have discovered that about 7.26 million records linked to users of mobile payments app BHIM were left exposed to the public by a website. <div type="Article" hostid="261" msid="76135419" title="CSC BHIM site left Aadhaar cards, PAN numbers, and biometric information exposed — could be used to carry out financial fraud and identity theft, says report" mstype="2" mssubtype="0"></div> The exposed data included sensitive information such as names, dates of birth, age, gender, home address, caste status and Aadhaar card details, among others, said the report from VPN review website vpnMentor. NPCI said <keyword id="4115852" type="COMPANY" weightage="20" keywordseo="CSC-e-Governance-Services-India-Ltd">CSC e-Governance Services India Ltd</keyword> was working in 2018 on a project to educate and activate village level entrepreneurs on digital payments and also educating them to create Merchant Virtual Payment Address (VPA). Most of these VPAs were not valid UPI IDs. Moreover, it said that <keyword id="4003296" type="COMPANY" weightage="20" keywordseo="UPI-ID">UPI ID</keyword> is a virtual ID that is meant to be shared conveniently, instead of real account details. The UPI ID can be used to receive money. The user can simply share his UPI ID with the payer and receive payment directly in his bank account. This is a standard feature used by merchants, who only need to receive money using UPI, it said. Based on the findings from the Digital Risk Monitoring firm, it is ascertained that there is not a single instance of data breach compromising financial details of the customers, the NPCI statement said.

NPCI denies data breach of BHIM mobile app

<ul><li>The CSC <keyword id="9325628" type="UNKNOWN" weightage="20" keywordseo="BHIM-data-breach">BHIM data breach</keyword> includes extremely sensitive information like Aadhaar details with complete scans of the Aadhaar cards, biometric details, addresses, date of birth and more.</li><li>In total, over 7 million records of millions users were exposed.</li><li>CERT-In, which was notified of the leak on May 5, had reportedly fixed it on May 22.</li></ul>Over 7 million records of user transactions on the CSC BHIM website were left unsecured as per a report Israeli cybersecurity website vpnMentor. These records include Aadhaar card numbers, PAN numbers, and even biometric details in a data bundle of 409 GB. According to the <a href="https://www.vpnmentor.com/blog/report-csc-bhim-leak/">report</a>, the CSC BHIM data breach includes personal data such as Aadhaar details, addresses, bank records, caste certificate and a complete personal profile of the users. <div type="Article" hostid="261" msid="63924186" title="Indian government portal leaks 8.9mn Aadhaar details, again" mstype="2" mssubtype="0"></div> The data breach has since been patched up but the data was out there for anyone who knew where to look for over a year. However, the National Payments Corporation of India denies that there has been any incident. “We would like to clarify that there has been no data compromise at <keyword id="4013165" type="PERSON" weightage="20" keywordseo="BHIM-app">BHIM App</keyword> and request everyone to not fall prey to such speculations. NPCI follows high level of security and an integrated approach to protect its infrastructure and continue to provide a robust payments ecosystem,” it said. How bad is the BHIM data breach? The cybersecurity researchers believe that the combination of data left exposed could give hackers the ability to carry out identity theft, tax fraud, monetary theft, among other illegal activities. The research team led by Noam Rotem and Ran Locar describe the data breach as being akin to a hacker gaining access to the entire data infrastructure of a bank and detailed information about its users’ account information. “The sheer volume of sensitive, private data exposed, along with UPI IDs, document scans, and more, makes this breach deeply concerning,” said the report explaining the seriousness of the data breach. They assert that using the above details of the personal data about an individual, from their names and dates of birth to biometric details and ID numbers, could give third-party onlookers a complete profile of an individual — including a look into their finances and banking records. “It would be incredibly valuable to hackers… This data would make illegally accessing those accounts much easier,” said the report. With complete profiles of BHIM users being leaked, it leaves them extremely vulnerable to all sorts of frauds and theft. The risks for affected users can exceed just monetary loss – there is a high risk of identity theft, especially since almost all personal data has been exposed. “The scale of the exposed data is extraordinary, affecting millions of people all over India and exposing them to potentially devastating fraud, theft, and attack from hackers and cybercriminals,” it added, suggesting that the breach is likely very invasive. How and when was BHIM UPI’s data breached? The cybersecurity researchers claim that 409 GB of data was stored on an unsecured Amazon Web Services (AWS) S3 bucket exposing records from February 2019. “S3 buckets are a popular form of cloud storage across the world but require developers to set up the security protocols on their accounts,” said the report. The research team at vpnMentor discovered the BHIM data breach on April 23 and contacted India’s Computer Emergency Response Team (CERT-In) on May 5. The data leak was finally fixed by the authorities on May 22, leaving the breach exposed for an entire month after it was discovered. <table style="border-width: initial; border-style: none; width: 451.276pt; table-layout: fixed;"></colgroup><tbody><tr><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Timeline of the data breach </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Date discovered </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 23, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Contact with CERT-In </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 28, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Response from CERT-In </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">April 29, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Contact with company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 5, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Second contact with CERT-In </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 22, 2020 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Data of rectification </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">May 22, 2020* </td></tr></tbody></table> *Assumed day of rectification after no reply from CERT-In Source: VPNMentor What can you do? Unfortunately, there’s not much you can do on your end right now. If you are unsure about your data safety, you can contact CSC e-Governance Services, which is a special division set up under the Ministry of Electronics &amp; IT. The NPCI maintains that their systems are robust and no data breach occurred to begin with despite evidence posted by the vpnMentor's cybersecurity team. SEE ALSO: <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/slideshows/here-are-the-most-controversial-data-breaches-of-2018-that-affected-indian-users/slidelist/67155541.cms">Here are the most controversial data breaches of 2018 that affected Indian users</a> <a href="https://www.businessinsider.com/r-new-data-leak-hits-indias-national-id-card-database-aadhaar-zdnet-2018-3?IR=T">New data leak hits India's national ID card database Aadhaar: ZDNet</a>

CSC BHIM site left Aadhaar cards, PAN numbers, and biometric information exposed — could be used to carry out financial fraud and identity theft, says report

<ul><li>RBI aims to make financial data much more accessible through the <keyword id="3270169" type="General" weightage="20" keywordseo="account-aggregator" source="Orion">Account Aggregator</keyword> Network.</li><li>Under the new initiative, no one company would hold greater authority over the customer’s financial or other data.</li><li>ICICI Securities has issued a buy call for <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, at a target price of ₹1352.</li></ul>A latest report by ICICI Securities has listed out the Reserve Bank of India (RBI)’s ‘Account Aggregator Network’ initiative as one of the major challenges that financial services firm Paytm could face in the years to come. The investment bank has noted that data, which is a key moat of Paytm’s entire digital payments and ecommerce ecosystem, is getting democratised and that may not be such a great thing for the company at this point. It is important to note that the RBI aims to make financial data much more accessible through the Account Aggregator Network. It aims to empower customers by giving them greater control over their data, and create one central source for all financial data. For example, a lender will require previous financial statements of the borrower before offering any loan. This information lies with Financial Informational Providers (FIU) like banks, digital banking platforms and other such businesses. The lender will have to request this data on Account Aggregator, which will further seek consent from the said borrower. The Account Aggregator system is said to be a big<a href="https://internetfreedom.in/explainer-account-aggregator-framework-saveourprivacy/"> step towards</a> a connected financial ecosystem, but it also means that no one company would hold greater authority over the customer’s financial or other data. “With access to richer, wider, consented and verified sets of data, lenders can assess credit worthiness more efficiently and seamlessly and take informed lending/investment decisions. It will reduce acquisition/transaction costs and turnaround time enabling low-ticket offering and more tailored products and services to customers [in the industry]. Paytm’s key moat is access to behavioral data and customer insights that may get democratised or the ability to leverage on the same may come with a lower sharing cost,” ICICI Securities said. Business Insider has reached out to Paytm seeking their response on the same. Besides this, ICICI Securities has also highlighted that Paytm's scale comes at the cost of profitability and it needs to fix that to strengthen itself. “It has consistently been in an investment and scale up mode that led to cumulative operating revenue of ₹140 billion [₹14,000 crore] since FY14. Post demon [demonetisation] and with digital push by government as well as regulator (UPI launch), it has spent aggressively on marketing to the extent of ₹70 billion [₹7,000 crore] during FY17-20, ICICI Securities added. The company will spend another ₹4,300 crore on marketing, hiring talent and other aspects from its recent fundraise, the report noted. ICICI Securities has issued a buy call for Paytm, at a target price of ₹1352. Global investment bank Macquarie, on the other hand, had<a href="https://www.businessinsider.in/stock-market/news/macquarie-slashes-paytms-target-price-to-700-goldman-sachs-upgrades-it/articleshow/89401105.cms"> slashed</a> Paytm’s target price to ₹700. Notably, the company’s shares were trading at ₹821.70 at 10:44 a.m., on Monday. The company has witnessed erosion of nearly $13 billion in valuation since its listing in November 2021. SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/sensex-and-nifty-50-continue-to-witness-sell-off-as-foreign-investors-continue-to-take-money-out-for-five-straight-months/articleshow/89717224.cms">Sell-off continues in Indian markets as foreign investors continue to take money out for five straight months</a> <a href="https://www.businessinsider.in/tech/news/apple-could-launch-four-new-macs-powered-by-the-m2-chip-in-2022-but-dont-expect-a-larger-imac/articleshow/89715541.cms">Apple could launch four new Macs powered by the M2 chip in 2022, but don’t expect a larger iMac</a> <a href="https://www.businessinsider.in/finance/news/massive-credit-suisse-leak-reveals-bank-managed-hundreds-of-millions-of-dollars-with-clients-tied-to-criminal-activity-and-human-rights-abuses/articleshow/89710544.cms" data-type="tilCustomLink">Massive Credit Suisse leak reveals bank managed hundreds of millions of dollars with clients tied to criminal activity and human rights abuses</a>

Data, a key moat of Paytm ecosystem, is getting democratised and it's not a good thing for the company

<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>

You Searched For "upi data leak" and got 7 results

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CSC BHIM site left Aadhaar cards, PAN numbers, and biometric information exposed — could be used to carry out financial fraud and identity theft, says report

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Data, a key moat of Paytm ecosystem, is getting democratised and it's not a good thing for the company

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