Financial Fraud Rampant in India: Survey Reveals Shocking Statistics

Nearly half of Indians have experienced financial fraud over the past three years, with UPI and credit card frauds being most common. A survey by Localcircles highlights the urgent need for safeguards and consumer awareness. Alarmingly, 6 in 10 frauds remain unreported to authorities.

PTI | Mumbai | Updated: 14-06-2024 20:10 IST | Created: 14-06-2024 20:10 IST
Financial Fraud Rampant in India: Survey Reveals Shocking Statistics
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A recent survey has revealed that nearly 47% of Indians have fallen victim to financial fraud in the past three years, with Unified Payments Interface (UPI) and credit card frauds topping the list. Conducted by Localcircles, the survey covered 23,000 individuals across 302 districts. More than half reported unauthorized charges on their credit cards from both domestic and international merchants.

The findings indicate a pressing need for better safeguards and enhanced consumer awareness to combat financial fraud. According to the survey, 43% of respondents or their family members had experienced fraudulent credit card transactions, while 36% had encountered fraudulent UPI transactions. Among the credit card fraud victims, 53% faced unauthorized charges from domestic and international merchants and websites.

Reserve Bank of India (RBI) data cited by Localcircles shows a staggering 166% increase in fraud cases in fiscal year 2024, with the number of incidents soaring to over 36,000, valuing Rs 13,930 crore. Despite these alarming statistics, the survey estimates that 60% of Indians do not report such fraud to regulatory or law enforcement agencies, underscoring the need for improved reporting mechanisms.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

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