Snapdeal, one of India’s successful online retail startup has financial technology to thank for saving over Rs 3 crores a day. Cyber security technology, applications and analytics allows Snapdeal to track and detect bogus sellers. It has used advanced analytics and predictive algorithms for the same.
The online retailer has said that its alogrithms have allowed it to monitor consumer data and trends that lets it identify any suspicious activity and prevent frauds and financial losses. Any organization that does any transaction online has to be ready to face any cyber attack that could harm its or its customer’s interests. This includes online retailers, banks, financial institutions and even NGOs who accept payments online. Cyber security helps organizations predict and protect their systems and information from hackers. This becomes very important in today’s world where hackers are able to steal identities and steal money other securities which are digitized.
Being proactive is very important for any organization as a single instance fraud or any lapse in security can jepardize the data of millions of people. And, once a consumer feels that he is not safe on your portal, it is effectively the death knell for your business. With the advent of technology, unsocial elements are always looking to exploit loopholes to make a quick buck. However, with financial technology, any organization can predict and avoid any untoward incident. Being able to guide any individual or organization with cyber security is a valuable skill to know.