Mobikwik / Mobiqwik data leak breach News: Personal details of 3.5 million MobiKwik users seem to have been leaked, according to independent cybersecurity researchers. The Gurugram-based fintech platform, however, denied any breach, saying its user and company data are completely safe and secure.
The breach was flagged by French cybersecurity researcher Elliot Alderson in a tweet on Monday. “Probably, the largest KYC data leak in history. Congrats MobiKwik,” he tweeted with a screenshot of the data leak. “This database is 8.2TB and contains 36,099,759 files,” the screenshot showed, adding that it contained KYC data of nearly 3.5 million people. It is reported to be up for sale on the Dark Web.
The breach was initially flagged by Internet security researcher Rajshekhar Rajaharia in early March. In a tweet on March 4, he had said that this leak involves 11 crore Indian cardholders’ data, which were allegedly leaked from a MobiKwik server. Some users also confirmed that their data were available online.
“All my details including name, address, bank account details are there on the link shared by the independent researcher,” said a Chennai-based MobiKwik user. The allegation of a data breach comes even as MobiKwik is reportedly targeting an initial public offering before September to raise $200-250 million.
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Data breach on the rise
The number of data breaches in India has been rising over the last two years. In November, BigBasket had filed a complaint with the Cyber Crime Cell in Bengaluru to verify claims made by cybersecurity intelligence firm Cyble that a hacker had put up the online grocer’s user data for sale on the Dark Web for over $40,000. In May, Edutech startup Unacademy had also disclosed a data breach that compromised the accounts of 22 million users.
What is Mobikwik?
MobiKwik is India’s largest issuer-independent digital financial services platform, leveraging a sophisticated product and merchant acquisition capabilities. It is the undisputed No.2 player in the mobile wallet space in India and amongst the top 3 players in the payment gateway industry in the country. It has a network of over 3 million direct merchants, 140+ billers and 107 million-plus users. It records over 1 million transactions/ day.
Founded in 2009 by Bipin Preet Singh & Upasana Taku, MobiKwik is backed by marquee investors including Sequoia Capital, American Express, Tree Line Asia, MediaTek, GMO Payment Gateway, Cisco Investments, Net1 and Bajaj Finance.
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Mobiqwik Users Data leak breach: MobiKwik has grown by leaps and bounds over the past few years. The company has clocked a 4x growth in transactions on YoY basis. The brand vision is to enable a billion Indians with one tap access to digital payments, loans, investments and insurance by the year 2022.
The MobiKwik wallet can be used across a host of payments services, including bill recharges, utility bill payments, cab bookings, ticket bookings, payments for groceries, as well as payments to online digital and offline retail stores. MobiKwik bridges the digital divide between consumers and companies via swift recharges and bill payments at no extra cost for its online transactions. Be it prepaid, postpaid, DTH, data card, electricity, life insurance, landlines, gas, water, broadband, cable, municipality or Metro payments and traffic challans, MobiKwik is best for one and all. The app also offers instant money transfer to family and friends with ease.
MobiKwik is well known for its product innovation and cutting-edge technology. Earlier this year, it rolled out the first-of-its-kind instant credit product called ‘Boost’ that ensures loan disbursal in a matter of 90 seconds. MobiKwik is the first in the industry to give loans in a mobile wallet. It will be adding new products in its lending portfolio in the near future. With an extensive range of offerings in lending, MobiKwik is on track to become one of India’s largest lenders, in the times to come.
Mobikwik Data leak breach News
MobiKwik also announced its foray in wealth management with 100% acquisition of Clearfunds, one of India’s leading new age wealth management platforms. It has also recently launched the digital gold category on its platform. The company will also be rolling out other financial services like insurance, as it targets to achieve a four-fold growth in FY 18-19.
Source- thehindubusinessline
