The speed with which Digital India is promoted. At the same rate, people are also becoming victims of financial fraud. A report claims that almost half of India has been a victim of financial fraud at some point. In this, most of the frauds have occurred due to UPI and credit cards. The report says that 47 per cent of Indians have experienced one or more financial frauds in the last three years. This survey report indicates that among these, financial fraud related to UPI and credit cards is the most common.
Claim made in this report
Polling agency LocalCircles, which conducted the survey among 23,000 people in 302 districts, said more than half were also facing unauthorized charges on their credit cards by domestic and/or international merchants/websites. The agency said in a statement that the report highlights the urgent need to take security measures and raise consumer awareness to prevent fraud.
In the survey, 43 per cent said there have been fraudulent credit card transactions, while 36 per cent said they have been defrauded due to UPI transactions. When it comes to credit card fraud, 53 percent of people reported unauthorized charges made by merchants and national websites.
Report released by RBI
According to data from the Reserve Bank of India (RBI), fraud cases increased by 166 per cent to over 36,000 in the financial year 2023-24. However, its value is almost half (Rs 13,930 crore) compared to the financial year 2022-23. Citing data collected over the past three years, LocalCircles said it estimates that six in 10 Indians do not report financial fraud to regulators and authorities. Banks always ask customers not to share their personal details or credit card or OTP related information with anyone.
