MUMBAI: India is among the safest countries in the world when it comes to online transactions, due to RBI‘s decision to tokenise every transaction, according to Mastercard.
“India is the only country that tokenises every online transaction, reducing fraud and disputes. However, social engineering frauds – where customers are tricked into payments or sharing credentials – still exist, and there is always a possibility that devices can be hacked,” said Gautam Aggarwal, country head of Mastercard India.
Speaking to TOI, Aggarwal said that despite the emergence of fast-payment networks, cards retain an edge in security thanks to the high level of analytics that the payment network runs on transactions worldwide. “Fraud analytics have become more advanced, distinguishing between authentic and fraudulent transactions,” said Aggarwal.
