 "1 in 3 Indians using real-time payments scammed in 2024, high-value losses doubled: Fico survey")
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.
The firm surveyed 1,000 Indians who reported falling victim to real-time payment (RTP) scams and also complained about their banks’ ability to help customers manage such fraudulent activities.
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.
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 ($9,200)—doubled from 2% to 4%.”
With the rise of RTP came the menace of online scams. The payment method has become an indispensable tool for Indians for transactions with at least 98 per cent using RTP to buy goods and services.
Kompella said, “RTP usage will continue to grow and diversify as more transactions happen among consumers, businesses and public sector entities. Yet, there is a pressing need for education on scams and the risks tied to irrevocable payments. Banks must leverage automation, clearly communicate risks and provide robust scam defences to protect Indian consumers.”
The survey found that 80 per cent of Indian consumers expect banks to take a more proactive approach to scam prevention. Many respondents indicated they would have a more favourable view of their bank if it intervened in real time to block suspected scam transactions.
Impact Shorts
More Shorts“A bank’s ability to combat scams hinges on advanced technologies like AI-powered analytics, contextual decisioning and real-time customer engagement,” said Kompella
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