Concerns over digital payments fraud grows in India: Survey

Concerns over digital payments fraud grows in India: Survey
Image for representational purpose only.Source: Wikimedia/ Richard Tanzer Fotografie

Mumbai, June 9: Consumers in India are increasingly concerned about digital payments fraud and are exercising greater caution when using digital payments compared to a year ago, according to a new study conducted by YouGov and ACI Worldwide.

Around 71 per cent consumers said they are more concerned about scams and fraud because of Covid-19, compared to 47 per cent consumers last year at the onset of the pandemic, said a statement by ACI Worldwide.

The survey showed that net banking is perceived to be the most secure method of payment and, UPI and eWallet transactions scored higher than card payments, for both for online and offline usage.

It revealed that around 60 per cent respondents would first call their bank to block their account or visit the bank branch to file a written complaint in the event of fraud, indicating that banks continue to be the first point of contact.

When it comes to the potential fraud risks while transacting through UPI or eWallets, almost half of the consumers are most concerned about fake UPI payment links that ask for money transfers through text or e-mail.

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