According to a report by data analytics company Experian, more than 45 per cent of businesses in India saw an increase in fraud amidst the pandemic. However, over 40 per cent are placing more emphasis on revenue generation than fraud detection, which could lead to increased loss and decreased customer confidence.
Noting that about 56 per cent of consumers in India are concerned about online privacy, Managing Director of Decision Analytics at Experian Steve Griffiths said, "India has now become one of the largest and fastest-growing technology markets in this world. Businesses need to build a digital infrastructure that is agile and adaptive to these changing dynamics."
The report notes that only 18 per cent of surveyed organisations are confident about presenting new types of fraud though about 90 per cent claim to have implemented strategies related to recognising their customers across their various platforms.
Experian recommends its flagship product CrossCore, to counter the rising threat of fraud. "With the latest version of CrossCore, Experian empowers businesses by consolidating numerous fraud risk signals into a single, holistic assessment, enabling them to improve operational processes, stay ahead of fraudsters, and protect their customers," Neeraj Dhawan, Managing Director at Experian India, said.