Bank Fraud

Survey Reveals High Incidence of Financial Fraud Among Urban Indians, Read full survey here


➡️ Click here to join our Whatsapp Group

According to a survey conducted by LocalCircles, 47% of urban Indians reported being victims of financial fraud either personally or within their family in the past three years. The survey highlighted that credit card fraud and UPI transaction fraud were the most common types of financial fraud experienced by urban Indians.

Of those who experienced financial fraud, 43% reported fraudulent activity with their credit cards, while 30% experienced fraud through UPI transactions. The survey revealed that nearly half of credit card fraud victims experienced unauthorized charges by both domestic and international merchants and websites.

Regarding UPI fraud, 40% of victims stated that the link or QR code sent to them to accept a payment resulted in money being debited from their account. The survey emphasized the need for the Reserve Bank of India (RBI), UPI, and credit card issuing banks to implement stronger safeguards to prevent such financial frauds.

The survey received responses from over 23,000 household consumers across 302 districts in India. It revealed that 62% of the respondents were men, while 38% were women. The survey also highlighted the importance of creating consumer awareness for both UPI and credit card users. It suggested the implementation of safeguards to ensure that Indian credit cards cannot be charged without OTP authentication.

Additionally, the survey emphasized the need to increase consumer awareness for UPI transactions. It also called for the sensitization of local police stations so that they can guide victims of online financial fraud to file complaints promptly.

The survey asked respondents about the types of financial fraud transactions their family members had experienced in the past three years. The options provided included fraudulent transactions on credit cards, UPI transactions, debit cards, bank accounts, ATM cards, and other types of fraudulent financial transactions. The survey found that 43% of respondents indicated fraudulent transactions on credit cards, while 36% reported fraudulent UPI transactions.

LocalCircles noted that the credit card data of Indian consumers is readily available for sale by data vendors across the country. This availability of personally identifiable information, such as PAN card, Aadhaar, mobile numbers, email addresses, and credit card details, makes credit card holders vulnerable to fraud. The survey highlighted that many international websites and apps do not require OTP authentication before charging an Indian credit card, making it easier for fraudsters to exploit the situation.

The survey also revealed that among urban Indian household consumers who experienced credit card fraud in the past three years, nearly half experienced unauthorized charges by domestic and/or international merchants or websites. The survey further highlighted different types of unauthorized charges and fraudulent transactions reported by respondents.

Leave a Reply

Your email address will not be published. Required fields are marked *