People are exercising greater caution when using digital payments compared to 2020
According to YouGov and ACI Worldwide survey, 71% of Indian consumers said they are more concerned about scams and fraud because of COVID-19, rising from 47% last year at the onset of the pandemic.
In fact, 60% of respondents would first call their bank to block their account or visit the bank branch to file a written complaint in the event of fraud, indicating that banks continue to be the first point of contact.
While this has dropped slightly from 68% in 2020, only 16% would first report fraudulent activity to the police or a cybercrime unit. Meanwhile, only 5% would turn first to public social media channels.
When it comes to the potential fraud risks while transacting via UPI or eWallets, 49% of consumers are most concerned about fake UPI payment links that ask for money transfers via text or email.
Additionally, 30% are concerned about their personal data being leaked due to data breaches.
We’ve reported that over half of Aussie millennials don’t have a regular savings plan.