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Financial Fraud On Rise 42 Percent Indian Suffered Financial Fraud In Last 3 Years 74 Percent Didnt Got Money Back

Financial Fraud On Rise Latest News: With the increase in...

Financial Fraud On Rise Latest News: With the increase in digital transactions being seen in the country, people are also suffering tremendous losses during digital payments. Because with the increase of digital transactions in the country, financial fraud has increased. It has been revealed in a survey that 42 percent of Indians have faced financial fraud at some point in the last 3 years, in which 74 percent of the people who lost their money during the fraud have not got their money back.

Increased financial fraud, revealed in the survey
LocalCircles did this survey in October 2021. The survey found that 29 per cent people share their ATM/debit card PIN numbers with relatives, while 4 per cent share with their domestic or office staff. The survey also found that 33 per cent citizens store their bank accounts, debit or credit cards and ATM passwords, Aadhaar, PAN numbers in email or on their computers. At the same time, 11 percent of the citizens have stored all this data in the contact list of their mobile.

Increased loss due to financial fraud
According to the Microsoft 2021 Global Tech Support Scam Research Report, consumers in India have faced 69 percent online fraud in 2021. According to RBI data, financial fraud of Rs 60,414 crore has been seen in 2021-22. In the last 7 years, Indians are losing Rs 100 crore every day due to financial fraud.

Only 17 percent get money back
The LocalCircles survey found that bank account frauds, fly by night e-commerce operators, credit-debit card frauds have reported the highest number of frauds. RBI has been continuously warning people to avoid financial fraud and has been suggesting to report such incident immediately. But only 17 per cent are people who get their money back after facing financial fraud. That is, if 6 people complain, then only one person’s complaint can be resolved.

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