What are the security issues with payment gateways?

Payment gateways face several security risks, including phishing, vishing, smishing, and remote access scams that target users. Technical vulnerabilities like weak authentication and inadequate encryption can also be exploited by hackers, leading to data breaches compromising personal and financial information. Insufficient security audits and issues with third-party providers present additional risks. For instance, a major cybersecurity breach at Paytm involved exploitation of weak authentication and inadequate encryption.