How exposed are merchants in India to threats related to
card (payment) data theft?
The merchants in India are equally susceptible to fraud and theft
as merchants across the world. The threat is only increasing as the
fraudsters are getting more sophisticated. The big challenge from
the Indian context is that as e-commerce business in India
increases so would the visibility of Indian targets on the fraud
scene. If Indian merchants do not prepare to fight sophisticated
fraud immediately, they would be caught completely unawares when
fraudsters start targeting them and the losses could be fatal.
What do you think are the key factors that is making
India a susceptible market for such threats?
The
biggest asset India has is the large middle class population. As
more and more people from this category get online the growth rate
of online business will get further compounded. The concern in such
a case is the fact that awareness about fraud is not growing at the
same rate which means that soon enough India will become a
lucrative target for fraudsters. We need to start implementing
security measures today so that we can prevent frauds of this
nature tomorrow.
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