In over three months, the hacker took Rs 7.3 crore by manipulating the authorization process of a payment gateway company to authenticate 831 failed transactions.
The South East cybercrime police are looking for cybercriminals who stole Rs 7.3 crore from Razorpay by making 831 transactions in over three months.
This suggests that the scammer tampered with the payment gateway company’s authorization process in order to authenticate 831 unsuccessful transactions. An internal investigation indicated that someone or people interfered with, altered, and manipulated the ‘authorisation and authentication process.’
This resulted in Razorpay receiving bogus approvals for the 831 unsuccessful transactions, resulting in a loss of Rs. 7,38,36,192. These illegal transactions came to light while Razorpay Software Private Limited officials audited the transactions. They were unable to reconcile Rs 7,38,36,192 in receipts with 831 transactions.
Razorpay Software Private Limited offers online payment services that enable Indian businesses to accept payments via credit card, debit card, net banking, and wallets.
On May 16, Abhishek Abhinav Anand, Razorpay Software Private Limited’s head of Legal Disputes and Law Enforcement, filed a complaint with the South East cyber crime police.
Based on digital transactions, the authorities attempt to hunt down the hacker. An internal investigation conducted by Razorpay Software Private Limited discovered that someone, or people, interfered, altered, and manipulated the ‘authorisation and authentication process.’ As a result, Razorpay received bogus ‘approvals’ for the 831 unsuccessful transactions, resulting in a loss of Rs 7,38,36,192.
Razorpay Software Private Limited furnished the police with information on the 831 unsuccessful transactions, including the date, time, IP address, and other pertinent information.
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