People are facing more Corona related e-attacks in 2 weeks
By MYBRANDBOOK
According to a study, nearly half of Indian consumers are more worried about frauds while making digital transactions amid the coronavirus crisis. About 28 per cent of consumers are now exercising more caution while making payments using various digital modes.
Vulnerability to fraud remains the biggest consumer concern when it comes to digital transactions (54 per cent), followed by risk of failed transactions (42 per cent).
Efforts to encourage contactless digital payments over cash as a hygiene measure are resonating with consumers - one-third (32 per cent) have increased their usage of digital payments (credit and debit card, mobile wallet and other UPI-based payment methods) aimed at helping curb the spread of COVID-19.
Around 75 per cent of consumers are using a digital payment method at least once a week and 44 per cent using one almost daily, the study of 1,006 adults in metro areas such as Mumbai, Delhi NCR, Chennai, Kolkata, Bangalore, Hyderabad showed. The survey was carried out online.
Nearly 31 per cent of the respondents have been a recent victim of card or digital payments fraud or know someone among their immediate family or friends who has. When asked about digital payment fraud risks, fake apps and websites are the biggest, according to 52 per cent of respondents, followed by compromised password/credential information (43 per cent) and spyware/malware (39 per cent).
Twelve percent would first report fraud activity to police or a cybercrime unit; while a mere four per cent would turn to public social media channels first. Nearly 75 percent recognize one-time password (OTP) as a key anti-fraud mechanism deployed by their bank.
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