Paytm Confirms There Has Been No Instance of Hacking at Paytm Mall And That All User Data Is Safe
This may come as a huge relief to Paytm Mall users. The financial technology company Paytm has confirmed that they have not found any security lapses or hints of a possible hack or data breach, which may have compromised the user data. This comes after yesterday’s reports (You can read more here) that indicated that the user data for Paytm Mall had been hacked and the hackers were demanding a ransom. The cyber risk intelligence platform Cyble had said that a known cybercrime group with the alias ‘John Wick’ has been able to upload a backdoor on the Mall application or website and gain unrestricted access to the entire database of Paytm Mall. That, Paytm says, is absolutely not true.
"We would like to assure that all user, as well as company data, is completely safe and secure. We invest heavily in our data security, as you would expect. We have been investigating the claims of a possible hack and data breach, and haven't found any security lapses yet,” says a Paytm spokesperson in a statement shared with News18. Cyble had claimed that they had information the data breach happened because of what they called an “insider at Paytm Mall”. There was also talk of hackers making ransom demands, but that claim still remains unverified. Cyble had claimed the hackers demanded 10 ETH (Ethereums) which is equivalent to US$4,000. According to the latest conversion figures, 1 ETH is equal to around US$424. Ethereum is a cryptocurrency platform. Cyble has not shared any update as follow-up for the claims made earlier.
Paytm also runs a bug-bounty program where they invite researchers to submit security issues. Paytm Mall is part this program. “We also have a Bug Bounty program, under which we reward responsible disclosure of any security risks. We extensively work with the security research community and safely resolve security anomalies,” says the Paytm spokesperson.
Paytm has the backing of some of the world’s leading VC funds including Ant Financials, Softbank Vision Fund, SAIF Partners, Alibaba Group and Berkshire Hathway. It offers a wide range of digital payments services for users. The Paytm platform is one of the, if not the largest, digital payment platforms in India. Paytm offers digital payments including bill payments, money transfers, UPI transactions, insurance as well as investments. Paytm at this time is also rolling out stock trading as part of the Paytm Money app. In India, the Paytm Mall online shopping platform competes with the likes of Amazon.in and Flipkart in India.