The hacker stole ₹7.3 crore over three months by manipulating the authorisation process of the payment gateway company to authenticate 831 failed transactions
The South East cyber crime police are trying to track down a hacker who stole ₹7.3 crore over three months by manipulating the authorisation process of a payment gateway company to authenticate 831 failed transactions.
The theft came to light when officials of Razorpay Software Private Limited were auditing the transactions. They were unable to reconcile receipt of ₹7,38,36,192 against 831 transactions.
Razorpay Software Private Limited provides online payment services that allows businesses in India to collect payments through credit card, debit card, net banking, and wallets.
Abhishek Abhinav Anand, head of Legal Disputes and Law Enforcement at Razorpay Software Private Limited, filed a complaint with the South East cyber crime police on May 16.
The police are trying to track down the hacker based on online transactions. An internal probe carried out by Razorpay Software Private Limited found that some person, or persons, had tampered, altered and manipulated the ‘authorisation and authentication process’. As a result, false ‘approvals’ were sent to Razorpay against the 831 failed transactions, resulting in a loss amounting to ₹7,38,36,192.
Courtesy- https://www.thehindu.com/news/national/hacker-steals-73-crore-from-payment-gateway-company-razorpay-in-bengaluru/article65426835.ece
