News - Mobikwik data leaked, on sale

Mobikwik user-data leaked, on sale!

Mobikwik is an Indian company founded in 2009 by Bipin Sing which provides a smartphone-based payment system and digital wallet. It is providing different services like making payments through its wallet, providing small loans to its users, payment of various bills, and many more. Mobikwik is considered to be one of India's largest fintech platforms with 120 million users.

The date of over 10 core Mobikwik users is compromised by a hacker name Jordan Deven. The data is said to be more than 8TB. But Mobikwik is denied the leak of user data and said everything is safe and secure. 

Many independent and groups of researchers proved the data leak and briefed the public about the leak. According to the security researchers Technadu and Rajshekhar Rajahari, over 8TB of personal user data like email-id, phone numbers, name, address, password, GPS location, and even data related to mobile devices were compromised from the main server of Mobikwik by the hacker in the dark web forums on 20th January of this year. The data may also contain card numbers and hashes of over 4 core users. It is also believed, the personal data of merchants who produced loans from Mobikwik is available for sale in exchange for bitcoin. 

An independent researcher Avinash Jain verified the leak and said " Personal Users Identification of users can be accessed in plain text and are stored insecurely in their (Mobikwik) servers." " It seems that attackers to hold of their cloud infrastructure and was able to access data stores where data was stored."

If this data leak will be confirmed by the government and the company then this will be the largest cybersecurity breach of an Indian Tech company.

The Reserve Bank of India is learnt to be monitoring these security breaches and have introduced several new rules including the impending Payment Aggregator and Payment Gateway guidelines which would restrict the exposure of customer data to select few servers of only the licensed gateways.

Source:- Economics Times

Thanks for reading.
Do check out more.