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Digital payments fraud: COVID-19 pandemic provides opportunity to dupe unsuspecting consumers

New Delhi: Almost half of Indian consumers are extra involved about digital payments fraud now than when COVID-19 first emerged, mentioned a survey on Wednesday. Nearly one third have been latest victims of card or digital payments fraud or know somebody amongst their quick household or mates who has, mentioned the research carried out by YouGov and US-based digital payments firm ACI Worldwide.

Vulnerability to fraud stays the largest client concern when it comes to digital transactions (54 per cent), adopted by danger of failed transactions (42 per cent). Insufficient web connectivity and considerations about knowledge privateness have been additionally cited as important considerations, by 38 per cent and 36 per cent, respectively.

When requested about digital cost fraud dangers, pretend apps and web sites are the largest, in accordance to 52 per cent of respondents, adopted by compromised password/credential data (43 per cent) and spy ware/malware (39 per cent).

Card cloning is the commonest concern when it comes to debit or bank card fraud, with 1 in three seeing this as the largest danger. Approximately 1 in 5 cited stolen/misplaced playing cards or eCommerce/cellular channel fraud as their high card fraud risk.

When utilizing digital cost strategies, 28 % of respondents are additionally now exercising larger warning. If impacted by fraud, about 60 per cent of respondents would first name their financial institution to block their account, indicating that — throughout this time of heightened consciousness — consumers think about their financial institution the primary line of defence.

“The disruption caused by the COVID-19 pandemic provides another opportunity for fraudsters to dupe unsuspecting consumers,” Kaushik Roy, Vice President & Country Leader – South Asia, ACI Worldwide, mentioned in a press release.

“However, it is encouraging that consumers are showing heightened awareness of digital payments fraud and a willingness to adapt behaviours,” he added.

The on-line survey carried out between April 21-27 concerned over 1,000 adults.

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