Online fraud is affecting a large section of Indian consumers: Experian report
A survey by Experian has found that almost one-third of Indian consumers have been victims of online fraud. More than half of the Indian consumers surveyed reported concern about fraud and identity theft and see a significant rise with today’s growing fraud risk due to digitalisation.
In the six APAC markets surveyed (India, Australia, China, Indonesia, Malaysia, and Singapore) in Experian’s Global Identity & Fraud Report, consumers in India and China appeared to be especially vulnerable, with 29% of consumers in each market having been the victim of online fraud. This is slightly higher than global figures, where nearly 1 in 4 (23%) consumers have also experienced similar incidents.
The report also found that 7% of Indian consumers surveyed reported that at least one of the fraud incidents resulted in substantial monetary or reputational damage. This was the highest among the APAC regions. Meanwhile, 12% of Indian respondents’ friends and family also suffered substantial monetary losses due to fraud incidents.