Are B2B Transactions On Online Marketplaces Secure?

The Indian government is likely to adopt an online marketplace model for all government purchases—from paper clips to power plant turbines. While this initiative is expected to curb corruption, improve transparency and competitiveness, and incur savings of at least 10%, the bigger question is—how safe will this marketplace be?

Online payments and material procurement have been identified as areas vulnerable to fraud risks in e-commerce transactions, according to survey respondents of our 2014 and 2016 India Fraud Survey reports. Procurement of materials online is likely to be considered risky in India, due to concerns over performance, availability, and security of the materials purchased.