Business Standard

Indians have highest exposure to online fraud in APAC


India stands amongst the top four countries in the Asia Pacific region with highest digital adoption, digital banking account sign-up an du ti lisa ti on, while the country’ s consumers also show high satisfacti­on to companies’ efforts in han ding fraud, according to Fraud Insights Report 2017 released by informatio­n services company Ex per ian. India also remains the only country in the top four with high fraud incidents, indicating a possible gap between perception— the lack of awareness and understand­ing of consumer about methods in which frauds occur online— and truth, that is the actual occurrence­s of fraud itself.

The report in its second edition analyses fraud trends across 10 countries in Asia Pacific and delivers insights from both the corporates as well as consumers. It emphasis es on theprevale­nceof identity theft and other fraud trends in India in relation to sectors such as financial services (including insurance ), retail and telecommun­ications. Of the three surveyed sectors, Indian retail merchants experience high fraud rate sofas much as 5 percent of total gross merchandis­e value. The various methods devised by fraudsters leading to such losses are :19 percent return frauds ,11.6 percent clean fraud and 11.1 percent card not present fraud cases.

“These insights provide the truth vs. perception of a companies' ability to manage trust and the impact on their business. With this knowledge, companies can better understand, engage and em power customers themselves wherever possible as their be ha vi ours are often a source of personal data breach that can be used by fraudsters ,” said VaishaliKa­sture, countryhea­d, ExperianIn­dia.

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