Indians Are Biggest Victim of Bank Frauds, Claims International Study
Most of the victims of bank fraud are people in the age group of 27-37 years, said the report.
A report by International payments company FIS shows that Indians are the biggest victims of banking frauds. The company surveyed several countries for the report.
As many as 18 per cent of Indian customers reported a fraud in the past year – more than any other country surveyed by the organisation, said a GoNews report.
These frauds were correlated to the frequency of using digital banking by different age groups.
For example, the age group most affected by frauds is the 27-37 year bracket. The report pointed out that this age group also happens to be the most avid user of digital banking apps.
One out of every four people in this age group reported a fraud. In Germany, this number was six per cent and in the UK it was 8 per cent. In the United States 14 per cent people were victims of bank frauds.
“This (in India) is higher than any other country included in this year’s PACE research. Fraud prevention and account security should be the top priority – yes, ahead of digital banking rollout – for banks in India. They must stem the tide of widespread security breaches and fraud, and protect their customers first and foremost,” Business Standard quoted from the report.
“As digital banking continues to expand in India and the ability to change banks gets easier, banks may see customer loyalty erode unless they shore up recognition and rewards initiatives,” the report said.