E-commerce Portals & Online Payment Industry Players are having boosted spirit with highest & largest Funding and huge volume of transactions for the year 2014 & 2015, but at the same time this Industry’s Players are going through some challenging environment as well.
As the volumes of the online shopping , online transaction & online payment are on the rise , there are frequent “intentional” attacks on the industry which is challenging the preparedness of industry’s in terms of their Internal Controls, IT Security Policy Control, Payment Gateway Security , IT Data Mining Capacity , Anti-Fraud Controls etc. Industry has been put through some really “rough n tough” time during the Peak Season of Sale and shopping festivals.
The two below events are just illustration of the threat which industry is facing and they need to take corrective action by introducing Anti Fraud Controls and by implementing the Early Fraud Detection , Prevention & Mitigation Strategy in place……or else this is just the beginning….
“ANDHRA YOUTH DUPES FLIPKART OF RS.20 LAKH”
Leading e-commerce portal Flipkart was taken for a ride by a Hyderabad youth, who is said to have duped the company for over Rs 20 lakh. The youth, Veera Swamy, 32, of Vanasthalipuram in the city allegedly duped the company by booking orders and returning the goods upon delivery. Refer Link to read further…
Payment service providers like Citrus Pay and PayU claim the low interest rates offered by payment gateways — 1% compared with up to 3% — charged by credit card companies is being taken advantage of by several small traders who set up online stores and withdraw money citing fake transactions. Refer Link to read further…