In neighboring India, digital financial fraud has peaked and 42 percent of Indians have fallen victim to it in the last 3 years.
According to foreign media, despite the efforts of the Modi government to promote digital transactions and attract people to digital transactions instead of cash, the Indian government is unable to control digital financial fraud and a cautious estimate. According to this, for the last 7 years, a fraud worth 100 crores of Indian rupees has been committed every day due to which millions of Indians have lost their precious wealth due to this financial fraud.
A survey found that 42 percent of Indians have experienced financial fraud at some point in the past three years. 74% of the victims of this financial fraud are those who have not even recovered the money they lost in this fraud.
According to the survey, 29 percent of people share their ATM debit card PIN with relatives, while 4 percent share it with their household or office staff. The survey also found that 33 percent of citizens keep their bank account, debit or credit card and ATM password, Aadhaar, PAN number in email or on their computer. 11% people have saved all this data in their mobile contact list.
The survey by Local Circles also concluded that bank account, fly-by-night e-commerce operators, credit-debit card frauds are the most common fraud cases. RBI has been continuously informing people to avoid financial fraud, as well as advising them to report such incidents immediately. But only 17 percent of people get their money back after experiencing financial fraud. That means only one out of every six people who complain about financial fraud get their money back.
According to the Microsoft 2021 Global Tech Support Scheme Research Report, 69% of consumers in India have experienced online fraud in 2021. According to RBI data, a financial fraud of Rs 60414 crore has been observed in 2021-22. In the last 7 years, Indians are losing around Rs 100 crores daily due to financial fraud.
Seeing the increasing cases of digital financial fraud, the banks have also been asked to be careful in this matter several times, but many times people fall victim to this fraud just by clicking a link and many times during digital payment, people are cheated. A huge financial loss has been faced.
