Rattled by frequent cashback fraud incidents involving its staff, e-commernce platform Paytm Mall has announced a partnership with Global professional services firm EY to build a technology-driven fraud prevention system.
The move is to undertake frequent audits to identify and prevent collusion, implement learnings from global practices as it expand operations into other geographies and strengthen the processes for merchant on-boarding and marketing, the company said in a statement on Monday.
A report in The Times of India, citing sources, claimed on Sunday that some Paytm Mall staff colluded with third-party vendors, created fake orders and received kickbacks for their assistance.
Alibaba-backed Paytm Mall, however, did not address the report directly in the statement.
“Our partnership with EY will help benchmark with global best practices as we build a ‘Technology Driven Fraud Prevention System’ to scale our operations.
“Our teams continue to work closely with EY to share our learnings and insights. We are committed to build a trusted commerce platform and will take strict action against wherever needed,” said Srinivas Mothey, Senior Vice President-Paytm Mall.
The company said it continues to de-list fraud merchants and take strict action wherever needed.
“Apart from admin, finance and other support functions, the company also has a business operations team which works closely with partnered merchants to plan and execute cashback offers and promotions leaving a scope for collusion.
“The EY partnership will also undertake audit and fraud prevention using both human and Artificial Intelligence (AI),” say Paytm Mall.
Over the past few years, Paytm has been bleeding massively in online retail business and there is no respite in sight.
The brainchild of Paytm Founder and CEO Vijay Shekhar Sharma, the ecommerce platfom’s losses have mounted and in the financial year 2018, the company posted a loss of nearly Rs 1,800 crore on revenue of Rs 774 crore.
In a further expansion of its digitising programme, Delhi power distribution company (discom) BSES on Friday announced that it has operationalised the facility of digital recharge of customers’ pre-paid meters.
Customers can now recharge their pre-paid meters online through e-wallets like Paytm and PhonePe and through the BSES mobile app and website, the discom said in a statement.
Pointing out that it is an easy process to apply for a pre-paid electricity connection, the statement said that besides applying for a pre-paid meter, “a BSES consumer can also re-charge his/her meter easily. For doing so, they don’t even have to visit a BSES office. They can recharge them online through e-wallets like Paytm and PhonePe and through BSES’ mobile app and website.”
A pre-paid meter can also be recharged by visiting a BSES payment counter.
Customers can connect with the discom and apply for a host of services, including applying for a new connections, registering complaints, from their homes and offices using the mobile app, website and social media platforms like Facebook and Twitter, the statement added. (IANS)