One in four Indian customers becomes victim of online financial-deceit
With Indians becoming more digitally active, the risk of frauds has increased with around one in four customers becoming a victim of online financial deceit, says a report. In the report, global financial information company Experian says 24% of Indians have directly experienced frauds while transacting online, and sectors like telcos (57%), banks (54%), and retailers (46%) are the worst victims.
Only 6% Indian customers guard their data online
Indians are most comfortable sharing data with banks (50%) and least with branded retailers (30%). On an average, 65% of "digital voyagers" have adopted mobile payments as they consider it convenient over notes. A low 6% of consumers in the country intentionally guard the data they share with service providers in comparison to the highest which is Japanese at 8%.
India has highest digital consumption in Asia-Pacific
Indians are also comfortable sharing their personal data (51%) to avail of various services. Electronics and travel marketers are positively building consumer data, however, these segments are also more prone to online frauds. In Asia-Pacific, India has the highest digital consumption (90%). Interestingly, India is fourth in the region (70%) when it comes to erroneous data sharing with respect to demographics, the report noted.
Report based on consumer survey response across 10 APAC markets
The Experian report, co-authored with advisory firm IDC, delves into how well businesses mitigate fraud risk through the eyes of their customers. The report is based on a response from a consumer survey across 10 APAC markets: Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, Thailand, and Vietnam. The report did not disclose the number of people surveyed or the sectors covered.
