1 in 3 Indians using real-time payments scammed in 2024, high-value losses doubled: Fico survey
1 month, 2 weeks ago

1 in 3 Indians using real-time payments scammed in 2024, high-value losses doubled: Fico survey

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The ‘2024 Scams Impact Survey: India’ revealed that 34 per cent of respondents had paid for products, services, or investments that were never delivered. Additionally, 45 per cent believed that enhancing fraud detection systems was the most crucial step banks could take to prevent scams One in every three Indians lost money to scamsters in the past year while high-value losses nearly doubled in 2024, a survey by America-based data analytics firm Fico has found. Additionally, 45 per cent believed that enhancing fraud detection systems was the most crucial step banks could take to prevent scams. Dattu Kompella, managing director in Asia for Fico, said, “While fewer Indian consumers reported losses in 2024 compared to 2023, the percentage of high-value losses—those exceeding Rs 8 lakh —doubled from 2% to 4%.” With the rise of RTP came the menace of online scams.

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