Indians face 25 per cent higher risks to financial fraud: Report

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With more and more Indians becoming web-savvy, the risk of frauds has increased with around one in four customers becoming victims to any kind of online financial fraud, says a report.

The latest report by global financial information major Experian throws some interesting insights on digital users’ risk vulnerability, particularly of those, from India.

As per the findings of the research firm, 24 per cent of Indians have directly experienced frauds while transacting online, and sectors like telecom (57 per cent), banks (54 per cent) and retailers (46 per cent) are the worst victims.

The report says, in Asia-Pacific, India has the highest digital consumption, with close to 90 per cent respondents consuming digital services. Interestingly, the online survey conducted by the research firm also notes that India is fourth in the region (70 per cent) when it comes to erroneous data sharing with respect to demographics.

While it notes Indians are also comfortable sharing their personal data (51 per cent) to avail of various services offered via web mode and electronics and travel marketers are positively building consumer data and driving transactions, these segments are also more prone to online frauds, the report further warns.

According to it, a low 6 per cent of consumers in India intentionally guard the data they share with service providers. Digital users in India are most comfortable sharing data with banks (50 per cent) and least with branded retailers (30 per cent) on an average, 65 per cent of ‘digital voyagers’ have adopted mobile payments as they consider it convenient, the report observed.

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