46% of businesses in India have seen an increase in fraud during the pandemic

With accelerated digitisation, frauds and online financial attacks in India are growing exponentially. Data from Experian’s Global Insights Report, shows that 46 per cent of businesses in India have seen an increase in fraud. 

With the advent of e-commerce, digital fraud has been a huge challenge for businesses. Despite the growing risk of fraud, 40 per cent of Indian businesses indicate that they are placing more emphasis on revenue generation rather than fraud detection, which can lead to increase in losses and a decline in customer confidence. Considering that 56 per cent of consumers in India cite online privacy as a significant concern, it is imperative for businesses to take robust actions to safeguard themselves and their customers against potential digital risks.   

While 90 per cent of businesses in India say they have implemented strategies related to recognising their customers across their various platforms, the highest among all regions surveyed in the global report only 18 per cent of organisations surveyed in India are confident in preventing new types of fraud. 

To counter the rising threat of fraud, Experian, a global information services company has upgraded and enhanced one of its flagship products, CrossCore. The enhanced version of CrossCore cuts complexity, increases efficiency and helps businesses to quickly respond to today’s emerging fraud threats. 

Neeraj Dhawan, Managing Director, Experian India said, “The pandemic has resulted in a behavioural shift in adopting digital mediums as the primary operational channel. This shift has intensified concerns over cyber threats and new kinds of frauds. Experian’s enhanced CrossCore presents an opportunity for businesses to put consumers at the heart of the relationship. CrossCore connects disparate fraud systems with an open platform, delivering both visibility and agility. 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.”

Steve Griffiths, Managing Director, Decision Analytics, Experian Asia Pacific, 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. Businesses who put all their money into the digital experience at the expense of fraud prevention will be targeted by fraudsters, who have sophisticated ways of identifying weaker online platforms and targeting them. The enhanced version of CrossCore provides businesses a strong mechanism to combat evolving fraud threats in real-time.” 

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