Snapdeal is saving Rs 3 crore every month just by countering fraudulent transactions. Here’s how

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.”