A Noida-based fintech company has reported a major security breach resulting in the siphoning of over Rs 2.42 crore through 497 unauthorised transactions, raising urgent questions about digital payment safety.
A Noida-based fintech company has reported that more than Rs 2.42 crore was siphoned from its systems after what it says was a server breach that allowed unauthorised access to its API portal. According to a complaint cited by India Today, the alleged intrusion took place on September 13 and led to money being moved in 497 transactions.
Renova Paytech Private Limited told police that the funds were sent to 58 bank accounts spread across 28 banks. Company director Rajkumar said the unauthorised activity began after the server was compromised, and the firm has also submitted around 10 complaints on the National Cyber Crime Reporting Portal, according to the report.
Cyber Crime police have registered an FIR and are now tracing the trail of the money as well as examining how the attackers gained access. Renova Paytech, based in Sector 65, Noida, offers services including mobile recharges, bill payments, Aadhaar-enabled withdrawals and domestic money transfers, making the breach a potentially significant one for a business built around digital payments.
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