Over 70% of Indians are concerned about fraud amid COVID-19

People are exercising greater caution when using digital payments compared to 2020

Indians COVID-19

Over 70% of Indians are concerned about fraud amid COVID-19. Source: pexels.com

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.

The pandemic has been a major catalyst for the adoption and growth of digital payments in India, but transaction growth has been accompanied by the emergence of payments-focused scams, with many first-time users targeted by fraudsters. Consumers are overwhelmingly welcoming of the steps taken by authorities towards digitization in payments and acknowledge the efforts made by banks concerning consumer awareness of payments fraud. That said, banks will need to continue to lead the way by not only deploying modern and robust enterprise-level fraud management, but also by increasing consumer awareness
Kaushik Roy, vice president and head of product management, Asia, Middle East and Africa, ACI Worldwide

We’ve reported that over half of Aussie millennials don’t have a regular savings plan.

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