The mobile wallet detected something unusual after it scanned the records and accounts and couldn’t ascertain where the money has gone.

MobiKwik loses Rs 19 crore from its accounts in alleged online fraud
Atom Online Fraud Saturday, September 30, 2017 - 12:22

Digital transactions in India has significantly gone up over the past year with more and more Indians getting accustomed to transacting online. Mobile Wallets have seen most adoption.

But are they really safe?

As per a report in Hindustan Times, digital wallet startup MobiKwik, has reported Rs 19 crore missing from its accounts on Tuesday.

The startup detected something unusual after it scanned the records and accounts and couldn’t ascertain where the money has gone.

Suspecting fraud, the company has reported to the police, who filed an FIR on Wednesday, HT reports.

The company said that it detected a fraud by some unidentified persons. However, it caims that user data and money has not been compromised and remains safe.

A company representative told Inc42 that the money got deducted from MobiKwik’s corporate account during online transactions made by individual customers.

In the complaint filed with the police, MobiKwik said that money which was supposed to be deducted from the wallet of customers’ accounts, got deducted from the firm’s personal account instead.

“Anybody can transfer the amount from his or her mobile wallet to bank account. And, taking advantage of the technical glitch, some people transferred money to different accounts,” the complaint stated.

“We received the case today and we are studying the details. The firm has claimed a fraud of Rs 19 crore, however, we will verify the details soon,” Anand Yadav, in charge of cyber crime cell, Gurgaon told HT, adding that it is not ruling out any involvement of internal staff.

As India is moving towards a ‘digital’ economy, cases of online fraud have also been on the rise. Zomato too had reported that its database had been hacked earlier in May.

In this year, nearly 1260 cases related to online banking fraud and cheating through credit and debit cards have been registered.

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