McAfee, the leading cyber-security company, is now focusing on developing security solutions for digital wallets to overcome frauds and scams, an aim driven by the increasing use of mobile wallet payment platforms.
A quarter of McAfee’s global workforce hail from its Bengaluru office and has now made it a priority to find solutions to frauds and scams that can be achieved from digital wallets. For example, A report from ET published a few weeks ago stated that cases whereby fraudsters were buying merchandise by sending merchants fake mobile wallet payment confirmation messages were on the rise.
India has a large number of wallets when compared to other countries. While these wallets are expanding to the newer regions of the country, the number of scams is also increasing by the day,
said Anand Ramamoorthy, managing director, South Asia at McAfee.
“The scale is quite large and so building security features becomes difficult,” he said “There are various issues a user faces starting from fake apps, fake transactions and a lot more which are unique cases in India. Looking at all these cases, we are trying to build security which solves it all levels.”
McAfee is working in partnership with mobile wallet companies but are willing to strengthen its portfolio of products from a customer point of view and merchant as well. The company has recently launched security features for home such as allowing parents to control content and data from their children.
The Indian digital payments market is reported to be worth $1 trillion by 2023, according to a study from investment banking firm Credit Suisse released this year.