Anti-fraud steps lead to Rs 3 crore/month savings to Snapdeal
NEW DELHI: E-commerce firm Snapdeal today said various anti-fraud measures taken by it have resulted in savings of Rs 3 crore per month for the online platform.
"From checks on bogus or fake sellers to identifying fake user accounts, to deploying sophisticated algorithms that identify any suspicious trends, Snapdeal has consistently been working on enhancing security and transparency across the entire ecosystem.
"The initiatives have resulted in the company saving close to Rs 3 crore per month," Snapdeal said in a statement today.
Snapdeal said that range of initiatives launched at curbing fraudulent online transactions using analytics are accruing massive cost savings for the company.
"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," the statement said.
Snapdeal said that it has adopted several means to cut down courier frauds, including open delivery, X-ray examination of packages at fulfilment centres and verification of returns as part of the quality control process.
"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," the statement said.
"From checks on bogus or fake sellers to identifying fake user accounts, to deploying sophisticated algorithms that identify any suspicious trends, Snapdeal has consistently been working on enhancing security and transparency across the entire ecosystem.
"The initiatives have resulted in the company saving close to Rs 3 crore per month," Snapdeal said in a statement today.
Snapdeal said that range of initiatives launched at curbing fraudulent online transactions using analytics are accruing massive cost savings for the company.
"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," the statement said.
Snapdeal said that it has adopted several means to cut down courier frauds, including open delivery, X-ray examination of packages at fulfilment centres and verification of returns as part of the quality control process.
"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," the statement said.
