65% of Indian Firms Witness Rise In Online Fraud Related Losses

Indira Datta - May 01, 2019

65% of Indian Firms Witness Rise In Online Fraud Related Losses

The number of online frauds is increasing and many companies in India suffer from this situation.

In just one year, up to 65 percent of Indian businesses suffered losses that were closely related to online fraud. Recent reports indicate that fraudulent account opening and account hijacking attacks are taking place in India. According to research by Experian, a data analysis company, 87% of businesses in the country have expressed concern about the growing impact of fraud, causing serious damage to the company's reputation and customers' trust.

167355 Online Fraud

After research, 71% of 6,000 Asian Pacific consumers confirmed that security is the most important factor in an online experience of each individual. Besides, convenience accounts for 15% and online personalization accounts for 14%.

Sathya Kalyanasundaram, the national executive director of Experian India, said current companies are constantly innovating and upgrading their services to bring the best experience to customers. However, they need to focus more on reducing the risk of data leakage and customer information on the platforms they are using.

Cyber Fraud
Businesses need to continuously upgrade their online security system to prevent online fraud

The study also found that up to 65% of Indian consumers want to know and understand what their personal information is used by businesses. Transparency is an extremely important factor to build trust between businesses and customers. Government agencies in India, such as the Reserve Bank of India (RBI), have been striving to increase online security and protect consumer data more actively. RBI has consistently launched measures to improve and enhance the security of digital transactions in India by deploying Know Your Customer (KYC). Regulatory agencies usually maintain consumer protection by requiring large companies in the industry to take responsibility for unauthorized use of personal data.

The newspaper titled "2019 Experian Identity and Fraud Report: Asia - Pacific Edition" indicates that customer trust on direct platforms depends a lot on how businesses create safe environments and amazing experiences for consumers.


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