Skip to main content

McAfee Working on Security Solutions for Digital Wallets

By
 McAfee Working on Security Solutions for Digital Wallets
Cybersecurity company McAfee, which has a quarter of its global workforce based in Bengaluru developing security solutions, is now building security features to protect digital wallets from frauds and scams.
“India has a large number of wallets when compared to other countries. While these wallets are expanding to the nether 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.”
ET had earlier reported that there was an increase in cases across the country where fraudsters were making away with goods by sending merchants dummy mobile wallet payment confirmation messages.
To secure these mobile wallets, the US-headquartered company first understands how apps access a user’s personal information such as photographs, address book and then takes steps to keep the data private. Further, to secure the mobile device it locates the device on a map and makes it “scream” to find it fast, and then locks, backs up and wipes out sensitive data.
Although McAfee already works with mobile wallet companies, it is now looking at strengthening its range of products further both from consumer and back end. In India, digital payments segment is slated to reach Rs 1 trillion by 2023, as per a report by investment banking firm Credit Suisse which was released earlier this year.The company has also launched security features for home routers which allow parents to control content and data from children.

The Economic Times, New Delhi, 21st May 2018

Comments

Post a Comment

Popular posts from this blog

Budget: Startup sector gets new Fund of Funds, FM to allocate Rs 10K cr

By
  The Indian startup sector received a boost with Finance Minister Nirmala Sitharaman announcing the establishment of a new fund of funds (FoF) in the Budget 2025. The minister unveiled a fresh FoF with an expanded scope, allocating Rs 10,000 crore. The initial fund of funds announced by the government with an investment of Rs 10,000 crore successfully catalysed commitments worth Rs 91,000 crore, the minister said.   “The renewal of the Rs 10,000 crore commitment to the Fund of Funds for alternative investment funds (AIFs) is a significant step forward for the Indian startup and investment ecosystem. The initial Rs 10,000 crore commitment catalysed Rs 91,000 crore in investments, and I fully expect this fresh infusion to attract an additional Rs 1 lakh to Rs 1.5 lakh crore in capital,” said Anirudh Damani, managing partner, Artha Venture Funds.   Damani further added that this initiative will provide much-needed growth capital to early-stage startups, further strengthenin...
Post a Comment
Read more

After RBI rate cut, check latest home loan interest rates of top banks for loans above Rs 75 lakh

By
  The Reserve Bank of India (RBI) has reduced the repo rate by 25 basis points from 6.50% to 6.25% in its monetary policy review as announced on February 7, 2025. After the RBI repo rate cut, banks such as SBI, Canara Bank, PNB, and Union Bank among others have cut their repo linked lending rates. Most other banks are also expected to cut their lending rates in line with the RBI rate cut. After banks cut their lending rates, their home loan borrowers will have to pay less interest. Normally, when a lender cuts the lending rate, borrowers get two options: Either to go for a reduction in EMIs or reduce the tenure of the loan. The second option will help the borrowers clear their home loan outstanding faster. In case, the borrower goes for reduction in EMI then the lower lending rate of the lender would mean lower Equated Monthly Installment (EMI) for borrowers.   EMI is the amount you will pay on a specific date each month till the loan is repaid in full.A repo rate-linked home ...
Post a Comment
Read more

GST collections rise 9.9% to exceed Rs 1.96 trillion in March 2025

By
  Gross GST collection in March grew 9.9 per cent to over Rs 1.96 lakh crore, government data showed on Tuesday. GST revenue from domestic transactions rose 8.8 per cent to Rs 1.49 lakh crore, while revenue from imported goods was higher 13.56 per cent to Rs 46,919 crore. Total refunds during March rose 41 per cent to Rs 19,615 crore. After adjusting refunds, net GST revenue stood at over Rs 1.76 lakh crore in March 2025, a 7.3 per cent growth over the year-ago period.       - Business Standard 02 th March, 2025
Post a Comment
Read more