Among Asians, Indians are more susceptible to online frauds but are willing to accept them occasionally if assured of non-recurrence by companies, says an industry survey.
India stands amongst the top four countries in the Asia-Pacific region with highest digital adoption, digital banking account sign-ups and utilisation, says an Experian survey on financial frauds conducted amongst 10 countries in the region.
“But India remains the only country in the top four with high fraud incidents,” the report said, adding this indicates a possible gap between perception and truth.
The report is based on analysis of fraud trends across financial services (including insurance), retail and telecoms spanning these 10 countries.
“Despite a high frequency of frauds, Indians are generally more tolerant and willing to accept occasional frauds involving minor monetary losses if given assurances of non-recurrence by the companies concerned,” the report said.
Of the three surveyed sectors, Indian retail merchants experience higher incidents of frauds to the tune of 5 per cent of total gross merchandise value.
Various methods devised by fraudsters leading to such losses are — 19 per cent return-frauds, 11.6 per cent clean- frauds and 11.1 per cent card-not-present frauds.