PayPal has come up with various initiatives to help Covid-battered MSMEs, including providing collateral-free loans up to Rs 1 crore.
As the country saw a rapid digital transformation owing to the pandemic, it also came with a lot of demerits. One of them being cyber frauds.
The cases of data breach and digital frauds are have been on the rise for sometime now. According to Guru Bhat, Customer Success Platform, PayPal, two in five companies spend less than 3% of their operating budget on cybersecurity, indicating the under investment in security and vulnerability towards data breach and fraud.
“Financial services firms in the APAC region are 300 times more likely to face a cyber attack than any other company, and the cost of cybercrime globally continues to rise. Between 2015 and 2021, it doubled from $3 trillion to $6 trillion. And by 2025, it is expected to reach $10.5 trillion, this is the global cost of cybercrime,” he said, speaking at a virtual media briefing.
In 2020, nearly 1.61 million cases of cyber attacks were reported in India, which is nearly three times more from 2019.
PayPal has come up with various initiatives to help Covid-battered MSMEs, including providing collateral-free loans up to Rs 1 crore. When asked how it manages grievances from SMEs and people in smaller towns who are very vulnerable to cyber frauds, Bhat told ET Digital that they have several redressal mechanisms from self-service to human customer support agents.
“PayPal has been around this business for over 20 years and we have a wealth of data which is fed into our automated machine learning redressal system. The system learns what constitutes fraud and comes up with different ways to sniff out even the most insidious of frauds which are very cleverly hidden. Thanks to the sheer length of time that we’ve been in business, and the variety of different attacks that we’ve seen across the world. SMB customers will be more than well taken care of in India when it comes to any issues they have in terms of trust,” he said.