Move to Strengthen Security Resilience & Preparedness for Cyber Threats
Following several measures undertaken to further improve information and systems security at Juspay, we have appointed Verizon Business to conduct an independent PCI Forensic Investigation (PFI). We have also appointed PricewaterhouseCoopers (PwC) to undertake a comprehensive audit of policies, protocols, and technologies. These would help enhance resilience and preparedness to mitigate threats from unlawful cyber-attacks.
We take the responsibility of securing the information entrusted to us very seriously. Whilst our threat response protocols helped us terminate the cyber threat in a swift manner; we have learnt a lot from this unlawful attempt by cyber criminals to steal customer data. With the work undertaken by both Verizon and PwC, we want to combine their global expertise with our experience to ensure that we are more cyber resilient and better prepared to face and defeat similar threats in the future. …
Updated January 5th, 2021
August 18, 2020 cyberattack limited to an isolated system.
Only records of non-sensitive masked card information infringed
Over the past 8 years, whenever you saw that rotating Juspay logo, you knew your payment will happen quickly & 100% securely. And our teams continue to ensure to keep it that way. As we’ve come to handle millions of transactions everyday privacy and security have always been at the core of whatever we do.
This trust we’ve built over a decade with you and with our partners is the core that fuels our commitment. When something questions that trust, we take it very seriously. However, Juspay was a victim of a cyberattack in one of isolated storage system on August 18, 2020. …
What is reconciliation? Why is it required?
Merchants are managing digital payments at a steady pace and across an ever-expanding field of touchpoints and partners. And every penny that comes in or goes out — must be tracked and accounted for.
Reconciliation is a process of matching records between two different sources of data. Reconciliation of digital transactions is important to ensure that money collected matches the net sales amount (sales — returns) (amount received vs amount expected).
Why is it important in digital payments?
Merchant payments often have fund flow decoupled from transaction flow. Typical settlement can happen on T+1 or T+2 days. There are often discrepancies between settlement data and transaction response data. …
Indian digital payment ecosystem has grown leaps and bounds in recent times but recurring payments have still been a laggard when it comes to growth. Some of the key reasons for this have been.
- Consumer confidence and security issues — India has been an AFA (Additional Factor of Authentication) market and consumers are used to authorizing payments. There is a ‘perceived risk’ when it comes to silent (without 2FA) payments.
- Coverage — Although mandates have been available on Credit cards for a long time, penetration of credit cards (~57 mn) is low compared to debit cards (~ 850mn). …
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