Rising Financial Cybercrime And Identity Theft

Financial frauds’ share of victims has doubled to 37 percent of respondents year-over-year. Half of all consumers ages 27-37 experienced fraud during last year. 96 percent of consumers who were victimized during last year had switched to mobile apps

- 

New research released from FIS, found that financial fraud has grown substantially since last year, with the share of victims doubling to 37 percent of respondents and all age segments falling victim to fraudsters. Age group of 27 to 37 has been most impacted by financial fraud than other age groups.

INCREASING FINANCIAL FRAUD

The report highlights that Indians have embraced digital transactions, but they are yet to learn the dos and don’ts of sharing personal information, as social engineering and phishing emails are rampant.

There is a dramatic correlation in India between booming adoption of mobile apps, digital payments and increasing rate of financial fraud. 96 percent of Indian consumers who were victimized by financial fraud during the last year had switched to a mobile app and digital payments, from cash as mode of payment, significantly impacts country’s efforts towards financial integration.