Paytm Ensures 100 pc Security Of Users Data On Its Platform
Amidst the reports that e-wallets in India are vulnerable to cyber attacks, Paytm, one of the prominent payment and commerce platform, reaffirmed its commitment towards safety of customer’s data during online transactions. The company has ensured an array of safety measures to ensure that the Paytm user’s identity is maintained 100% secure.
When a transaction of money transfer using Paytm takes place, the company ensures that the mobile number is only partially revealed to the recipient. Only the first two and the last three digits of your mobile number appear in the recipient’s Paytm Passbook. This safety feature not only guarantees customers’ full security against any fraud, but also protects them from possible harassment and spam calls, the company said in a statement.
US based semiconductor and telecommunications equipment company, Qualcomm recently claimed that all the digital wallets in India lack hardware-based security layer, which make them prone to hack. According to the Qualcomm report, Indian digital wallet companies lack the cyber security preparedness as global wallet companies which use hardware-based security layer, which makes them more secure for online transactions.
Not only Paytm, but all the e wallets and online payment platforms have witnessed a massive surge in payment transactions across India post demonetization. This has attracted the attention of cyber crime syndicates which could target the platforms posing a serious damage to the emerging digital payment culture in the country.
The joint study by ASSOCHAM and EY has also warned a spike in the mobile frauds post demonetization. According to the study, India will likely face a 65 percent hike in mobile payment frauds in 2017. The study states that Mobile frauds are areas of great concern for companies as 40-45 percent of financial transactions are done via mobile devices, and this threat is expected to grow to 60-65 percent.
Considering the gravity of the issue, Paytm has introduced a new ‘App Password’ feature on its Android mobile app, which will ensure that money on the wallet can’t be accessed by anyone other than the owner of the mobile phone. The new feature will allow integration with security feature on the phone in order to keep the app and other transactions done via Paytm secure. Users need to upgrade to the latest version of the Paytm app to get the App password feature.
Paytm and other wallet apps have seen a surge in usage thanks to the demonetisation drive. Paytm claims it has over 150 million customers, and has seen a boost in traffic and usage post November 8. The company has also launched Paytm Nearby, a feature that guides customers to their nearest Paytm merchant. Paytm has also launched and a toll-free number 1800 1800 1234 that helps non-smartphone and non-internet users to pay or receive money using Paytm.
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