Surge in Financial Fraud and Unsafe Practices Among Indian Users

New Delhi: A recent survey highlights alarming trends in financial security in India, revealing significant increases in both bank and digital frauds over the past two years, coupled with unsafe personal data management practices among citizens.

According to Kashmir Media Service, the survey conducted by LocalCircles has uncovered that 17% of Indians store their financial passwords in easily accessible formats on their mobile devices, such as in notes or contacts. This habit, along with the sharing of passwords with family members by 34% of respondents, substantially heightens the risk of financial fraud. The survey, which involved over 48,000 participants from 367 districts, also found that 53% had experienced some form of financial fraud within the last five years, primarily through credit/debit card, UPI, and bank account schemes.

Furthermore, the vast majority of Indians are lax with their personal documents, with 97% sharing their Aadhaar numbers, 68% their PAN cards, and 38% their driving licenses for various purposes, making them vulnerable to data theft. Despite the dramatic rise in fraud cases reported by the Reserve Bank of India—a 300% increase in bank frauds and a 708% surge in digital frauds—most incidents remain unreported, particularly minor cases involving less than INR 1000.

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