Mumbai: Efforts online fraud from India almost twice in the first quarter of FY22 when compared to Q1FY21 even when they rise globally.
According to the latest transunion quarterly analysis, fraudsters in India focused their efforts from financial services for travel & recreation, online forums and logistics industries.
Decreasing fraud in India is caused by stronger fraud control measures adopted by the financial services industry.
In all industries, the rate of digital fraud efforts rose 16.5% globally when comparing Q1FY22 to Q1FY21.
However, for transactions from India, the percentage of digital fraud decreases at a rate of more than 49% during the same period.
Gaming and travel & Leisure are the two most impacted industries globally for alleged digital fraud fraud efforts, up 393% and 156% last year, respectively.
For transactions from India when comparing this same period, this tariff rose 54% to play games and almost 270% for travel and vacation.
Industries monitored throughout the world include gambling, games, financial services, health care, insurance, retail and travel & free time.
Conclusions are based on intelligence from billions of transactions and more than 40,000 websites and applications with traffic originating from countries around the world, including India.
Global financial services online fraud rates have increased 149% when comparing the first four months of the calendar of 2021 and the last four months of 2020.
However, when comparing Q2 2021 and Q2 2020, the rate suspected of being an effort to fraud online financial services still increased globally, but at the level which is much lower than 18.8% globally.
When comparing two periods for transactions originating from India, that level has decreased by more than 15%.
Transunion measures the level of digital transaction that is suspected or at risk based on those who are transunity customers who receive Truvalidate services have been rejected or reviewed because of fraud indicators compared to all transactions assessed by fraud.
“It is very common for fraudsters to shift their focus every few months from one industry to another,” said Shai Cohen, Senior VP global fraud solution in Transunion.
“Fraudsters tend to look for industries that might see great growth in transactions.
This quarter, when countries began to open more than covid locking and travel and other recreational activities became more important, fraudsters clearly made this industry the main target.”
E-fraud from India divides two in Q1
