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Fintechs scramble to protect brands from fraudsters

Economic TimesEconomic Times · 4m
Fintechs scramble to protect brands from fraudsters

Fintech startups are finding it necessary to adopt various measures to combat fraudsters. These measures include initiating legal proceedings, setting up fraud detection units, and creating Google alerts on their brand names. Fraudsters often use prominent brand names to deceive consumers, whether it's by offering fake services, taking payments and disappearing, or using brand logos to siphon off funds. Fintech startups like Razorpay, Zerodha, Groww, Freo, and Fisdom are now dealing with these issues on a significant scale. Instant messaging apps like WhatsApp and Telegram have become hunting grounds for fraudsters, as they sell fake products and services on behalf of fintechs and vanish after receiving payment. Fintech companies are constantly striving to combat these activities and protect their brands.

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