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As digital pay opens up,online frauds are growing in the digital payment space

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As digital pay opens up,online frauds are growing in the digital payment space

With the adoption of technology, there has been a significant rise in digital payments in India. At the same time, the threat landscape has mushroomed too.

Addressing the rising concerns, Data Security Council of India along with PayPal has conducted a joint study highlighting the sophisticated online payment frauds and threats in the payment ecosystem.

As the e-commerce transaction process entails multiple entities at different stages, such as marketplace, merchants, payment gateways, financial institutes, apart from the consumers, each of them can act as a vulnerability or attack point for malicious actors. The study categorises e-commerce frauds broadly in three categories – buyer side, merchant side and cyber-security.

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The buyer side fraud includes fraudulent claims, chargebacks, fake buyer accounts, promotion/coupon abuse, whereas the merchant side frauds include selling counterfeit and non-fulfilment. The cyber-security frauds include account takeover, identity theft, card detail theft and triangulation fraud, etc.

The government has taken actions to counter the risks and frauds in the digital payment space. The RBI has issued guidelines on Regulation of Payment Aggregators and Payment Gateways which attempt to regulate in entirety the activities of payment aggregators and provide baseline technology-related recommendations to payment gateways. The RBI has also directed banks to introduce additional measures to secure electronic mode of payments like RTGS, NEFT and IMPS.

Turn Around Time (TAT) and customer compensation for failed transactions using authorised payment systems have been prescribed. Even banks have been advised to provide online alerts for all card transactions — Card Present (CP) and Card Not Present (CNP). It also directed them to mandatorily put in place an Additional Factor of Authentication (MFA) for all CNP transactions. The RBI has issued directions limiting the liability of customers in unauthorised electronic banking transactions.

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The fraud prevention measures and upcoming technologies to the rescue suggestions include IP Geolocation to verify consumer’s data to determine the location at the time of purchase, rules engines to allow merchants to create rules that will be evaluated on orders as they come such as ‘decisioning software’, ‘order management’, proxy IP address detection for instant detection of anonymous IP addresses, machine Learning for real-time insights to detect the fraudulent behaviour instantly, automated Workflow to speed up payment fraud checks, blocking suspicious devices, fulfilment and cancellation of fraudulent orders, etc., insights dashboards such as reports on suspicious activities in a single interface facilitating the entire fraud screening process immediately, device finger-printing to stop frauds at its root, based on device fingerprints from the browser and operating system to language and location.

Paytm

In line with the Digital India vision, digital payments are on an accelerated growth path. As much as 925 million and 47 million debit and credit cards have been issued respectively, as of March 31, 2019. And UPI alone has clocked 1.49 billion in volume and $41 billion in transaction value, in July 2020. The study highlights that the internet userbase in India is expected to grow to 835 million by 2023 from 560 million in 2018. MSMEs adopting digital channels and transformation have grown twice as compared to their peers using traditional approaches. The retail sector is increasingly leveraging advanced AI technologies like machine learning, computer vision, conversational AI, Data Science and NLP to bring out the better user experience. E-commerce is gaining traction; the market is expected to grow to $200 billion by 2026 from the $50 billion in 2018. The growth of online shoppers is 73 per cent for tier-I and a staggering 400 per cent for tier-II and tier-III cities.

Tap To Explore More : Economic Times

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Also Read : Temporary retention of GST cess in CFI is not diversion, says FinMin official

Tollywood

HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

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HT Rewind 2024: Teja Sajja says HanuMan kicking off the year in style is the moment he’d been ‘waiting for’ | Exclusive

In conversation with Hindustan Times, Teja Sajja decodes the success of HanuMan and other Telugu films, talks about his upcoming projects, and more.
When Prasanth Varma’s superhero film HanuMan, starring Teja Sajja, was announced to be released alongside big films like Mahesh Babu’s Guntur Kaaram, Venkatesh’s Saindhav and Nagarjuna’s Naa Saami Ranga in January this year, no one expected the underdog to emerge on top. And yet, the film, made on a budget of under ₹50 crore, managed to collect over ₹300 crore at the box office worldwide in 25 days, becoming one of the highest-grossing Indian films for the year. (Also Read: Ranveer Singh met HanuMan actor Teja Sajja, complimented him even after his Prasanth Varma film Rakshas got shelved)

Ask Teja about the moment he realised his film had not just fought against the tide but also risen to the top; he tells Hindustan Times in an exclusive conversation, “Since I returned to acting (as a lead actor after being a child artiste since 1998), this is the moment I’ve been waiting for. When everything from the HanuMan teaser to the songs was grabbing attention, we knew we had hit a gold mine. But I don’t think we imagined it would cross the ₹300 crore threshold. We were so satisfied with the opening numbers; everything else was a bonus.”

‘Success has given me fear of disappointing people’

Teja acted in Zombie Reddy, Ishq and Adbhutham before HanuMan, but they are what you would call ‘critical successes’, adding to his repertoire as an actor who can perform. But things have changed for him now, says Teja, who is being picky about the roles he says yes to. “Success either makes you overconfident or gives you the fear of disappointing people; I have the latter,” he explains.

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Teja admits he wants to chart out his career in Hrithik Roshan’s footsteps, but not in the way you think. “I have such a fondness for Hrithik due to Koi Mil Gaya and Krrish. No matter how well he performed after that, these left a lasting impression on me; I’m sure 90s kids will agree,” he says, adding, “Similarly, I’ve realised that I have an audience in children now. I want to be conscious of that when I pick roles. I want to make films families can enjoy together.”

But despite people in places like Mumbai or Delhi recognising him, Teja says he’s clear that he wants to cater to the Telugu audience first. “I am conscious that I am making films for my playground – the Telugu states. This is the sensibility I have grown up with, and I don’t know if I can cater to everyone else. Will I promote my films in other languages? Sure. But I also can’t be part of films that aren’t authentic to what I know or understand,” he explains.

‘Rootedness has put us on the world map’

And authenticity seems to be the need of the hour. Be it Baahubali and RRR or the recently released Pushpa 2: The Rule, Kalki 2898 AD and Devara: Part 1, certain kind of stories seem to be finding success. “Rootedness and going local is proving to be such a boon for us, be it in Devara or Pushpa or HanuMan. Kalki 2898 AD was our version of a Hollywood film (the sci-fi concept) with actors from across languages in predominant roles; it put us on the world map,” reflects Teja.

However, the actor admits Tollywood went through a phase of Bollywood-inspired rom-coms and family dramas that worked in their favour for a while. “That wasn’t easy to replicate either, but it’s just that these local stories are what the audience seems most interested in now. It can’t just be chalked up to religion, too. It’s about the morals these films are hinged on, the fighting for righteousness, and how an underdog can find their strength. Introducing Mahabharata or Ramayana to a new audience in a cool way is just a perk,” he says.

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And it’s this rootedness that Teja says his next films, Mirai and Jai Hanuman (the sequel to HanuMan), will also have ample of. “Mirai is also a superhero film that caters to kids, but it’s not an origin story like HanuMan. It has a pan-Asian and Buddhist touch because the story is based on King Ashoka’s ideologies. I hope that I will get to deliver something new to the audience again. I will only feel like I’ve arrived if Mirai is equally, if not more, successful,” says Teja.

Rishab Shetty will headline Jai Hanuman, but Teja also looks forward to shooting that. “I can’t wait to be on that set; it’ll be exciting. Now that we know India is ready to watch our films, I want to step it up. I want to shift gears and shoot for at least two films in 2025,” he says. As for what he will do next, Teja says he wants to up the ante. “When I got a SIIMA award for Zombie Reddy as a debutant, I remember telling Prasanth this would be the last award I get. But now that I won a Radio City Cine Award for Best Actor, I hope more awards will follow,” he signs off cheekily.

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