The rapid pace of digitization in the country has led to an exponential rise in incidence of cyber frauds. According to the Reserve Bank of India, there was a staggering 300% increase in reported cyber frauds in payments, with approximately 36,000 cases in FY23. To address this significant challenge, Mastercard and CAIT will educate small traders and merchants on ways to prevent and respond to cyberattacks and frauds as they advance in their digital journey.
“In today's digital age, ensuring the cybersecurity of our traders is of paramount importance. With the motto of ‘Surakshit Vyapari, Safal Vyapar’, this association with Mastercard will enable us to take proactive steps to prevent cyber fraud and enhance the overall security of digital transactions in the country,” said Praveen Khandelwal, Member of Parliament and National Secretary General, CAIT.
“Mastercard recognizes the critical role of small traders and merchants in India's socio-economic progress. This initiative with CAIT will help them safeguard their business and enhance their cyber resilience, closely aligned with the Hon’ble Prime Minister’s vision for a ‘Cyber Safe’ India. By preventing frauds in digital payments, it will also further consumer trust in digital payments thereby strengthening and growing digital commerce in the country,” said Gautam Aggarwal, Division President, South Asia, Mastercard.
For over a decade, Mastercard and CAIT have worked together to support the trader community by disseminating knowledge, tools, and resources required to initiate their digital journeys and stay competitive in a dynamic business environment. The two entities have successfully spearheaded several nationwide programs, covering over 10 million traders and directly benefitted 2.5 million traders through digital payments adoption.
“This initiative with Mastercard marks a significant step forward in safeguarding the interests of small merchants in India. As the digital landscape evolves, it is imperative that traders are well-equipped to handle the growing challenges of cybersecurity. This effort will empower our members with the essential knowledge and tools needed to protect their businesses,” said BC Bhartia, National President, CAIT.
