Hey TFCians,
Here’s some disturbing news from the digital payments space - MobiKwik has suffered a massive security breach, with fraudulent transactions amounting to nearly ₹40 crore over just two days (September 11–12, 2025).
And let’s not forget—MobiKwik has a track record of shady practices:
The Nuh Police has appealed to the public to report any unexplained cash credits received on September 11–12. The case is under investigation for cheating and dishonest misappropriation of property.
What do you think, TFians? Should regulators take a tougher stance against wallets like MobiKwik that repeatedly put customer funds at risk? After all they are a listed company now. Or will this just be another case where the company escapes accountability?
Here’s some disturbing news from the digital payments space - MobiKwik has suffered a massive security breach, with fraudulent transactions amounting to nearly ₹40 crore over just two days (September 11–12, 2025).
🛑 What Happened?
- A technical glitch after a recent software update allowed users to:
- Make transactions without sufficient wallet balance.
- Bypass UPI authentication by entering incorrect PINs.
- This loophole led to over 5 lakh fraudulent transfers, routed through at least 2,500 bank accounts.
- The flaw was noticed only on September 13 during a routine audit.
Police & Investigation
- 2,500 beneficiary accounts have been frozen, holding about ₹8 crore.
- So far, six arrests have been made, with nearly ₹9 lakh recovered from their accounts.
- MobiKwik has managed to claw back around ₹14 crore, but the net impact is still ₹26 crore.
- Investigators strongly suspect insider involvement given the scale and precision of the fraud.
History Repeats Itself
This isn’t MobiKwik’s first major mishap. Back in 2017, they were defrauded of ₹19 crore in a similar scam.And let’s not forget—MobiKwik has a track record of shady practices:
- They re-invested customer money into P2P lending without consent, leaving many users stranded and still waiting for their funds. Here is the detail: https://technofino.in/community/thr...2p-lenders-money-without-their-consent.31583/
- Now, once again, customer trust has been put at risk because of poor system security and negligence.
A Hard Lesson?
Call it negligence or call it karma - but MobiKwik’s repeated failure to safeguard customer money and data is truly alarming. For a company handling crores in digital transactions every single day, this level of carelessness is simply unacceptable. How can the same platform fall victim to such scams again and again, without the company even noticing until it’s too late?The Nuh Police has appealed to the public to report any unexplained cash credits received on September 11–12. The case is under investigation for cheating and dishonest misappropriation of property.
What do you think, TFians? Should regulators take a tougher stance against wallets like MobiKwik that repeatedly put customer funds at risk? After all they are a listed company now. Or will this just be another case where the company escapes accountability?
