Hyderabad: A city-based Fintech firm, Flexypay Solutions Private Limited, lost around Rs 1.3 crore in cybercrime after scamsters allegedly hacked its servers and made fraudulent transactions.
The company offers solutions in software applications for bill, rental and education payments, and is headquartered in Hi-Tech City.
The firm’s Chief Executive Officer, Gadde Chandrasekhar, 42, has lodged a complaint with the city cybercrime police on Monday, September 22.
Chandrasekhar, in his complaint, mentioned that the firm learnt about the unauthorised transactions amounting to Rs 1,39,95,215 during an internal audit of the transactions on September 15.
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It conducted a technical probe, which brought to light the unauthorised illegal access of the company’s servers and fraudulent money transfers by unidentified individuals.
Investigations reveal that scamsters had studied the system’s operation. They reportedly sent API (Application Programming Interface) requests to the firm’s partner bank, Yes Bank Ltd, Kasturba Road branch in Bengaluru.
Later, the funds were routed to multiple accounts after requests were processed through whitelisted Internet Protocol (IP) addresses.
The complainant also clarified that the database was not attacked, but only the server infrastructure was misused.
Flexypay’s API partner, Juspay, helped with the investigation and provided logs of suspicious IP addresses. While requests from two unlisted IPs were blocked, transactions from whitelisted IPs were processed as legitimate.
A case has been registered against unknown offenders under the Information Technology Act, 2002, and various sections of the Bharatiya Nyaya Sanhita (BNS).
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