Chennai: With accelerated digitisation, frauds and online financial attacks in India are growing exponentially.
Data from Experian’s Global Insights Report shows that 46 per cent of businesses in India have seen an increase in fraud.
With the advent of e-commerce, digital fraud has been a huge challenge for businesses. Despite the growing risk of fraud, 40 per cent of Indian businesses indicate that they are placing more emphasis on revenue generation rather than fraud detection, which can lead to increase in losses and a decline in customer confidence.
Considering that 56 per cent of consumers in India cite online privacy as a significant concern, it is imperative for businesses to take robust actions to safeguard themselves and their customers against potential digital risks.
While 90 per cent of businesses in India say they have implemented strategies related to recognising their customers across their various platforms – the highest among all regions surveyed in the global report – only 18 per cent of organisations surveyed in India are confident in preventing new types of fraud.