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McAfee Working on Security Solutions for Digital Wallets

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 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

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