Several Founders, Co-Founders, CXO Bankers, CXO Fintech professional & people who participated in the discussions:
- Mr. Sandeep Todi, Co-Founder & CMO, Remitr
- Mr. Neeraj Chandra, Head of Operations, Abu Dhabi Commercial Bank
- Mr. Salil Chugh, Global Consulting Practice(APAC) at Experian
- Mr. Shashank Chowdhury, Managing Director -India, Infinite Zero
- Mr. Sharad Goklani, Senior Vice President- Technology, Equitas Small Finance Bank
- Mr. Ajay B Panicker, CEO & Founder, NetPay Limited
- Mr Kamonasish Aayush Mazumdar, Chief Marketing Officer, MeraEvents
- Mr Shirsha Ghosh, Co-Founder, Torit Innovations
- Mr. Hemal Shah, Technical Product Manager, Mastercard
- Mr Amarto Chakrabarthy, Global consulting Group, Wipro Limited
- Mr Vikas R Panditrao, Advisor, Forum of Industry Academic Knowledge Sharing(FIAKS)
- Many other CEO/CXO Bankers & Fintech professionals on FIAKS Forum
Recently Amul issued a legal notice to Google India for carrying paid ads of fake websites. This raised the question that – Isn’t carrying ads on Fake Websites punishable under the law? Why should this not be taken up widely? A respectable member of the community starts to explain that the Government is taking many steps to tackle fake news. Whatsapp messaging is restricted to 5 post, millions of videos are deleted from You Tube. Shouldn’t getting down fake website be top priority over everything else? What checks are in place before the domain name is issued? Also, what mechanism is in place to ensure that fake sites are brought down within 48 hours once reported.
Another member voices his concern that the rate at which websites are getting created is a big problem. These sites are the main source of the fake news & incorrect propaganda. To add to it, bots & fake social media accounts are giving popularity to false stories. This is a big challenge for a normal reader to filter such fake news. Companies like Google allowing such advertisements compounds the problem manifold. Huge fines should be imposed. This should be a part of regulation and decisions should be made by lower courts within 48 hours.
Nobody can control the internet. It’s a problem that needs a solution but the cons of controlling the internet far outweigh the good. The solution is Payment Gateway (PG) being careful which is already happening. PGs will have nearly 95% accuracy rate of detecting fraud by a year if not less. 98-99% in 2-3 years. This is allowed by those websites and is also in complete legal understanding. You need to define what is fraud – fraud isn’t a bad product, it’s a product that doesn’t exist or is significantly lied about.
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