Fraudulent Trends in India's Consumer Market: KPMG's Alarming Survey

A recent KPMG survey reveals no significant reduction in fraud despite regulatory changes in India's consumer markets sector. Over 70% of respondents highlight reputational damage, and 61% advocate for tech-based early warning systems as effective measures for mitigating fraud.

A recent KPMG survey reveals that fraud remains a persistent issue in India's consumer markets sector, despite multiple regulatory changes.

The survey, involving over 75 finance and compliance experts from diverse organizations, found that 79% of respondents observed no reduction in fraud. In contrast, only 21% noted any positive change.

Key areas identified as prone to fraud include procurement, sales and distribution, and e-commerce. Reputational damage was cited by 72% of respondents as the most severe impact, with 16% stressing financial losses. Meanwhile, 61% believe that implementing tech-based early warning systems is vital for effective fraud detection and mitigation.