Snapdeal is saving Rs 3 crore every month just by countering fraudulent transactions. Here’s how
Advertisement
India’s third largest online marketplace Snapdeal has been saving Rs 3 crore every month just by launching one initiative-countering fraud transactions.
Snapdeal said it was keeping a check on a gamut of transactions and online sellers such as bogus/fake sellers, etc and deployed algorithms to identify the same.
The online marketplace said analytics has helped it to identify any suspicious trends that consumer data may throw up.
For instance, based on purchase patterns and past behaviours, the system can identify whether a seller is selling counterfeit goods or manipulating pricing information to take advantage of the promotions on the marketplace. Likewise, sellers are also safeguarded from rare but possible occurrences of fraudulent purchases. Such instances are used to build in checks and balances that ensure such behaviour is addressed and weeded out, through legal channels.
A Snapdeal spokesperson said, “Fraudulent transactions are a serious threat to the health of any e-commerce ecosystem. We are committed to staying one step ahead of fraudsters always, and delivering the most secure, frictionless and reliable e-commerce experience to our buyers and sellers alike. As the size of the marketplace increases, we will continue to prioritize building due checks and balances at each step of the transaction cycle.”
Advertisement
Advertisement
The online marketplace said analytics has helped it to identify any suspicious trends that consumer data may throw up.
For instance, based on purchase patterns and past behaviours, the system can identify whether a seller is selling counterfeit goods or manipulating pricing information to take advantage of the promotions on the marketplace. Likewise, sellers are also safeguarded from rare but possible occurrences of fraudulent purchases. Such instances are used to build in checks and balances that ensure such behaviour is addressed and weeded out, through legal channels.
A Snapdeal spokesperson said, “Fraudulent transactions are a serious threat to the health of any e-commerce ecosystem. We are committed to staying one step ahead of fraudsters always, and delivering the most secure, frictionless and reliable e-commerce experience to our buyers and sellers alike. As the size of the marketplace increases, we will continue to prioritize building due checks and balances at each step of the transaction cycle.”
Advertisement
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- An Ambani disruption in OTT: At just ₹1 per day, you can now enjoy ad-free content on JioCinema
- SC rejects pleas seeking cross-verification of votes cast using EVMs with VVPAT
- Ultraviolette F77 Mach 2 electric sports bike launched in India starting at ₹2.99 lakh
- Deloitte projects India's FY25 GDP growth at 6.6%
- Italian PM Meloni invites PM Modi to G7 Summit Outreach Session in June
- Markets rally for 6th day running on firm Asian peers; Tech Mahindra jumps over 12%
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market