Even as digital payments continue to gain prominence in India, with most Indians resorting to Gpay, Phonepe and other apps, the financial fraud encountered has also risen. A survey conducted by private firms LocalCircles, has shown that 42% Indians surveyed experienced financial fraud in the last 3 years, 74% of those who experienced it failed to get money back.
The LocalCircles survey that was conducted in October 2021 revealed that 29% of citizens share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff. The survey also revealed that 33% of citizens store their bank account, debit or credit card and ATM passwords, Aadhaar and Pan numbers on email or computer, while 11% of citizens have stored these details in their mobile phone contact list.
According to the Microsoft 2021 Global Tech Support Scam Research report, consumers in India experienced a fairly high rate of online fraud of 69% in 2021.
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