E-commerce firm Snapdeal on Monday 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.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.