The Indian banking and financial services sector has seen its digital infrastructure expanding exponentially in recent years. (Reuters)The Indian banking and financial services sector has seen its digital infrastructure expanding exponentially in recent years. Digital services such as Pradhan Mantri Jan Dhan Yogna, Inter-bank ATM transactions through National Finance Switch (NFS), Immediate Payment Service (IMPS), etc., have brought banking to the customer’s doorstep like never before. At the same time, cyber threats are also increasing and the nascent ecosystem is already facing sophisticated cyber attacks. For instance, a Rs 25 crore heist at a bank recently was traced to a bug in a digital payment application that allowed pilfering small amounts from multiple accounts. Again, a mobile wallet company suffered a loss of Rs 19 crore due to vulnerabilities in its own online payment system. These incidents require stakeholders to gear up, prepare and collaborate to provide secure and reliable prepaid payment instruments to end-consumers.
It was in this backdrop that Data Security Council of India (DSCI) and PayPal jointly launched a report titled ‘Securing…
