65% Indian firms witness rise in online fraud

Mumbai: Over the past one year, 65 per cent of Indian businesses have experienced increase in online fraud-related losses, including account takeover attacks and fraudulent account openings, says a report. In India, 87 per cent of businesses expressed heightened concern about the potentially damaging impact of fraud, said the study by data analytics company Experian.

With insights from almost 6,000 Asia Pacific consumers, including India, the report found that the majority (71 per cent) value security as the most important element of an online experience, followed by convenience (15 per cent) and personalisation (14 per cent).

"While companies continue to innovate on new solutions that enhance the customer experience, there needs to be a focus on reducing the customer's risk exposure by securing the data and information they currently access," said Sathya Kalyanasundaram, Country Managing Director, Experian India.

The study showed 65 per cent of the Indian consumers expect full transparency from businesses about use of their personal data. The report titled "2019 Experian Identity and Fraud Report: Asia-Pacific Edition" highlighted that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences.