Cashfree’s Payment Gateway Allegedly Breached, Loses INR 35 Lakh

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Gurugram-based Parviom Technologies lost INR 35 lakh due to an alleged cyber breach in the payment gateway of fintech platform Cashfree Payments. Parviom Technologies uses the payment gateway of Cashfree Payments, which was breached, resulting in unknown fraudsters gaining unauthorized access to its systems via its dashboard. They made 35 Unified Payments Interface (UPI) transactions, resulting in the fraudulent transfer of around INR 35 Lakh.

The source of the cyber breach is yet to be ascertained. Cashfree Payments, which was founded in 2015, operates a full-stack digital payments solution platform that enables businesses to collect payments and offers API banking solutions. The company has not yet responded to the allegations. The Unified Payments Interface (UPI) has become a popular mode of payment in India, especially after the demonetization drive in 2016. As of January 2023, the total number of UPI transactions in India has crossed the 3 billion mark in a month, and the number of UPI users is expected to grow further with the increasing adoption of digital payments in the country.

The Indian government has also been promoting UPI for cross-border transactions, and the recent launch of UPI-based remittance services is expected to drive the growth of UPI usage in the coming days. Cashfree Payments is a Gurugram-based fintech company founded in 2015 by Akash Sinha and Reeju Datta. The company offers a full-stack digital payments solution platform that enables businesses to collect payments and also provides API banking solutions.