42% Indians Experienced Financial Fraud in Last 3 Years: Report
IANS 04 August 2022
While digitisation of payments and banking undoubtedly has benefited common people and the government, financial fraud has been on the rise, with nearly 42% of Indians becoming victims in the past three years, a new report showed on Thursday.
In the past three years, only 17% of those who lost their money due to banking frauds were able to get their funds back while 74% could not get any resolution, according to data provided by community social media platform LocalCircles.
In an earlier survey, LocalCircles revealed that 29% of citizens share their ATM or debit card pin details with close family members, while 4% share it with their domestic and office staff.
The survey also revealed that 33% of citizens store their bank account, debit or credit card and ATM passwords, Aadhaar and PAN numbers on email or computer, while 11% of citizens have stored these details in their mobile phone contact list.
The new survey revealed that bank account fraud, fraud by fly-by-night ecommerce operators, credit and debit card frauds were the major causes of the problem.
Storing sensitive financial details on a phone's contact list, email, or computer poses a significant risk to cyber attacks, especially if the gadget is stolen or falls into wrong hands.
Using a smartphone's acontact list' to store banking passwords and details of ATM, bank account, email, etc, is a very unsafe way to store such sensitive information/credentials because online apps nowadays ask for permission to access one's contact and messages.
To safeguard against financial loss, experts have also been advocating use of alpha-numeric password lock for email, computer and mobile phones, in such a way that is difficult to crack. Importantly, at random intervals, one should change their account password used for making transactions.
The survey included nearly 32,000 responses from citizens across 301 districts of India.
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
1 week ago
thanks to education policy fraudsters are smarter then Policing agencies
18 emergency landings within country in last 2 years: Aviation Ministry
IANS 04 August 2022
A total of 18 emergency landings were reported by various airlines in India during the last two years, the Civil Aviation ministry told the Lok Sabha on Thursday.
Recently on July 2, a plane operating from Delhi to...
ED attaches Rs105.32 crore bank balances of fintech firms having Chinese links
IANS 04 August 2022
The Enforcement Directorate (ED) on Wednesday said that they have attached balances of Rs 105.32 crore, lying in various bank accounts and with payment gateway accounts, of 12 NBFCs, namely Inditrade Fincorp Ltd, Aglow Fintrade Pvt...
SC Sets Aside High Court Order Giving Relief to Persons with Locomotor Disability
Sonali Ahuja (The Leaflet) 03 August 2022
On 1st August, a bench at the Supreme Court comprising Justices Hemant Gupta and Vikram Nath set aside the Allahabad High Court’s 2019 order which had found the Uttar Pradesh government’s 1999 order disqualifying persons with...
I-T Dept Detects Unaccounted Transactions of over Rs1,000 Crore from Gujarat-based Group
IANS 02 August 2022
The income-tax (I-T) department has said that its searches on a leading business group in Gujarat, engaged in textiles, chemicals, packaging, real estate and education sector, has led to detection of unaccounted transactions...
Free Helpline
Legal Credit