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Indian consumers are amongst the most exposed to online frauds in Asia Pacific, a report from Experian, the global information services company, said on Wednesday.
The ‘Asia Pacific Fraud Insights Report – 2017’, in its second edition, analyses fraud trends across 10 countries.
Frauds are on the rise in all segments of lending and the highest frauds are in consumer loans (2.2 per cent), credit cards (0.8 per cent) and personal loans (0.72 per cent), the report said.
Forty-eight per cent of Indian consumers have experienced, either directly or indirectly, fraud at the retail level, the report said.
Despite a high frequency of fraud incidence, consumers in India are generally more tolerant and willing to accept the occasional fraud involving minor monetary losses if given assurance of non-recurrence by the companies, the report said.
According to the report, Indian retail merchants experience high fraud rates of as much as 5 per cent of total gross merchandise value (GMV).
The various methods devised by fraudsters leading to such losses are: 19 per cent return frauds, 11.6 per cent clean fraud and 11.1 per cent ‘card not present’ fraud cases.
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