18% young Indians are bank fraud victims: FIS study

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One out every four youngsters in India are subjected to bank frauds, said a study by payments firm FIS. Digital banking in India is gaining popularity with each passing day; however, persons in 27-27 year age group are the biggest victims of frauds.

The report surveyed people across multiple nationalities and found that 18 per cent of Indian customers reported a fraud in the past year, in comparison to data reported by other countries surveyed by the report. The age group is also very prolific in using banking apps.

“This is higher than any other country included in this year’s PACE research. Fraud prevention and account security should be the top priority – yes, ahead of digital banking rollout – for banks in India. They must stem the tide of widespread security breaches and fraud, and protect their customers first and foremost,” said report.

Further, the report highlighted customer recognition as one of the major problems affecting banks. Nearly 40 per cent of the surveyed customers are not entirely satisfied with recognition they received from the bank. This led to the loss of customer loyalty.

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