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Fraudsters use malicious mobile app to steal money from UPI users: report

Economic TimesEconomic Times · 9m ago
Fraudsters use malicious mobile app to steal money from UPI users: report
Medial

Fraudsters have been using a malicious app called 'PM Kisan Yojna' to target UPI users and steal money, according to Tamil Nadu police. The app was distributed through multiple channels, including WhatsApp, and gained control over users' SMS and device permissions. The fraudsters intercept SMS traffic and manipulate UPI applications to carry out unauthorized transactions. They also collect sensitive personal data from users. Multiple incidents of unauthorized bank transactions through UPI, specifically via PhonePe, have been reported recently, with the deducted amounts being transferred to Amazon Pay. The police have advised users to only use official apps and websites for financial transactions.

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PhonePe acquires GSPay IP from GupShup for UPI on feature phones

EntrackrEntrackr · 2m ago
PhonePe acquires GSPay IP from GupShup for UPI on feature phones
Medial

PhonePe acquires GSPay IP from GupShup for UPI on feature phones PhonePe has announced an IP purchase of conversational engagement platform Gupshup’s proprietary ‘GSPay’ technology stack for enabling UPI-based payments for feature phones. GSPay is a mobile application built on top of NPCI’s UPI payment solution for feature phones (UPI 123PAY). According to PhonePe, it plans to customize and extend the recently acquired GSPay IP and launch its own feature-phone based UPI payment mobile app on new feature phones in India, over the next few quarters. PhonePe aims to provide all basic UPI features such as P2P transfers, offline QR payments, and receiving of money from any other UPI customer to their mobile numbers or self-QRs seamlessly. This move aims to create full payment interoperability between feature phone and smartphone users and bring crores of Indians who still use feature phones into the Indian digital payments ecosystem. “This segment of users has been historically underserved by the digital financial industry and the broader startup ecosystem. We hope we can enable crores of these feature phone customers to participate in India’s burgeoning digital payments market,” said Sameer Nigam, co-founder & CEO of PhonePe. PhonePe’s portfolio of businesses includes the distribution of financial products (insurance, lending, and wealth) as well as new consumer tech businesses (Pincode and Indus AppStore). As per market research, India had approximately 24 crore feature phone users in 2024, and an additional approx 15 crore feature phone shipments are expected over the next five years. Launched in 2016, PhonePe has over 60 crore (600 million) registered users and a digital payments acceptance network spread across over 4 crore merchants. It also processes over 33 crore transactions daily with an Annualized Total Payment Value (TPV) of over Rs 150 lakh crore.

How to stay safe from cybercriminal "quishing" attacks

TechradarTechradar · 1y ago
How to stay safe from cybercriminal "quishing" attacks
Medial

Phishing attacks using QR codes, also known as "quishing," are gaining momentum as scammers aim to bypass multi-factor authentication (MFA). QR phishing takes advantage of users' trust and familiarity with QR codes, embedding malicious codes in seemingly legitimate emails. Scammers can then redirect users to phishing sites designed to steal business credentials and MFA tokens. The success of quishing lies in the less secure nature of mobile devices, difficulty in detecting malicious links behind QR codes, and effective social engineering techniques. Businesses need to implement stronger security measures, such as training employees to recognize these attacks, enforcing strict password policies, reducing MFA token expiration time, and implementing anomaly detection and extended detection and response (XDR) solutions for monitoring and rapid response.

Protectt.ai raises Rs 76 Cr in Series A round led by Bessemer

EntrackrEntrackr · 5m ago
Protectt.ai raises Rs 76 Cr in Series A round led by Bessemer
Medial

Protectt.ai, a mobile app cybersecurity and fraud control platform, has raised Rs 76 crore (around $8.7 million) in its Series A funding round led by Bessemer Venture Partners. The proceeds will be used to enhance the AI-driven mobile app security solution platform, accelerate product innovation, build new solutions for AI Security, and support its global expansion initiatives in the US, Middle East & APAC. Founded by Manish Mimani and Mohanraj Selvaraj, Protectt.ai offers a suite of mobile app security solutions, designed to safeguard mobile apps from emerging cyber threats and frauds. It also serves as a global compliance hub for mobile app owners who need to comply with regulations from entities such as RBI, SEBI, NPCI, and other regulatory bodies. Its mobile app XDR Platform offers advanced protection against evolving cyber threats, fraud, and malicious attacks, ensuring the security of mobile businesses and users worldwide. Protectt.ai claims to have covered over 300 million smartphones, processing approximately 2 billion mobile app sessions every month while preventing 200 million cyber threats and fraud events monthly.

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