Digital transactions are more prone to frauds, survey claims

Digital transactions are more prone to frauds, survey claims

Digital transactions are more prone to frauds, survey claims

With the advancement of digital transactions, we are exposing ourselves to more chances of frauds with around one in four customers becoming victims of online financial complications, so infers a report.

Experian– a global financial information company, claims in a survey that about 24 per cent of Indians might have been the victims of frauds sometimes while transacting in the digital world. Sectors like telco’s (57 per cent), banks (54 per cent) and retailers (46 per cent) are the worst victims of these frauds.

The report has assessed that Indians feel comfortable in sharing data with banks (50 per cent) but they do not with branded retailers (30 per cent). On an average, 65 per cent of people who use mobiles or computers use mobile payments as they consider it much more convenient, it claims.

The report further says that just a six per cent of consumers in India do not share their data with service providers in comparison to the highest which is Japanese at 8 per cent. Indians do not feel uncomfortable in sharing their personal data. This percentage is 51 per cent. They usually do it to avail of various service offerings.

Marketers in the field of electronics and travel use this consumer data and transactions for multiple purposes. These sectors are found to be much more prone to online frauds, the report claims. Considering Asian countries, India has the highest digital consumption, which comes to nearly 90 per cent of respondents consuming digital services, in one way or the another.

The report also found out that India ranks fourth in the region with 70 per cent when it comes to some wrong data sharing with respect to demographics. The report, which has been jointly prepared with IDC, an advisory firm, offers at length into how well businesses use fraud risk through the eyes of the customers.

The exhaustive survey is based on a response from a consumer survey across 10 countries which include Australia, China, Hong Kong, Indonesia, Japan, New Zealand, Singapore, Thailand and Vietnam, besides India.

The report is mum on the number of people surveyed or the sectors which were dealt in.

Published by

Anirudh Singh

Anirudh Singh is a passionate blogger and the man behind Amazing India Blog. He has 5 years of experience in the newspaper industry and he founded Amazing India Blog in 2015. Apart from writing and editing articles on Travel, Business and Technology at Amazing India Blog, he also contributes to other well known newspapers and online news blogs.

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