According to an online survey conducted by LocalCircles, nearly 39% of families in India claimed to have experienced financial fraud in the last three years, with only 24% of them recovering their funds.
Out of the respondents, 23% said they experienced credit or debit card fraud, while 13% experienced fraud by buying, selling, and classified site users. Thirteen percent of respondents were defrauded by websites that took money for products that were not delivered, while 10% experienced ATM card fraud and bank account fraud.
Among those surveyed, 30% reported having one family member victimized by financial fraud, while 9% stated that multiple members of their family experienced financial fraud in the last three years. The survey received almost 32,000 responses from families across 331 districts of India, with 66% male respondents and 34% women.
It revealed that 70% of those who experienced financial fraud could not get any resolution to their complaint, while 18% who filed a complaint with the designated platform or entity got their money back, and 6% who filed a complaint with authorities recovered their funds.