Indians Most Susceptible to Online Frauds: Report
Industry Trends
24-11-2017 00:00:00
Indians Most Susceptible to Online Frauds: Report

Among Asians, Indians are more susceptible to online frauds but are willing to accept them occasionally if assured of non-recurrence by companies, says an industry survey.


India stands amongst the top four countries in the Asia-Pacific region with highest digital adoption, digital banking account sign-ups, and utilization says an Experian survey on financial frauds conducted amongst 10 countries in the region.


"But India remains the only country in the top four with high fraud incidents," a media report quoting the report said, adding, this indicates a possible gap between perception and truth. 


The report is based on analysis of fraud trends across financial services (including insurance), retail and telecoms spanning these countries.


"Despite a high frequency of frauds, Indians are generally more tolerant and willing to accept occasional frauds involving minor monetary losses if given assurances of non-recurrence by the companies concerned," the report said.


Of the three surveyed sectors, Indian retail merchants experience higher incidents of frauds to the tune of 5 per cent of total gross merchandise value.


Various methods devised by fraudsters leading to such losses are 19 per cent return-frauds, 11.6 per cent clean- frauds and 11.1 per cent card-not-present frauds.

-K Ramanathan

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