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Nearly 3 in 5 Indian organisations hit by financial or economic fraud: PwC survey

YourStory

YourStory · 10m ago

Nearly 3 in 5 Indian organisations hit by financial or economic fraud: PwC survey

A recent survey conducted by PwC revealed that nearly 3 in 5 Indian organisations have experienced financial or economic fraud in the past two years. This is higher than the global average of 2 in 5. The survey included 91 Indian respondents, representing various sectors such as consumer products, retail, manufacturing, automotive, technology, and healthcare. Procurement fraud was identified as the top issue in India, with half of the leaders mentioning it as a major concern. Customer fraud, bribery and corruption, cybercrime, and supply chain fraud were also prominent issues. Indian companies are increasingly using data analytics to combat procurement fraud effectively.

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Economic crime hit 66% Indian firms in past 2 years, platform fraud surged: Report

Livemint

Livemint · 1y ago

Economic crime hit 66% Indian firms in past 2 years, platform fraud surged: Report

Around 66% of Indian companies have experienced economic crime in the past two years, with platform fraud accounting for 57% of all fraud incidents, as per a report by PwC India. The report highlights that platforms, including social media, e-commerce, and fintech platforms, have become a new avenue for economic crime, with financial gain being the primary motive for fraud. The study emphasizes the need for organizations to invest in fraud prevention strategies to counter these evolving threats. It also reveals that many businesses are unaware of their exposure to platform fraud and lack the necessary capabilities to identify and mitigate fraud.

Cyber risks biggest threat faced by Indian orgnaisations: PwC survey

Economic Times

Economic Times · 1y ago

Cyber risks biggest threat faced by Indian orgnaisations: PwC survey

According to a survey by PwC, cybersecurity is now considered the biggest threat faced by Indian organizations, with 38% feeling highly or extremely exposed to cyber risks. This marks a shift from the previous year, where cybersecurity ranked third on the risk radar. Indian businesses are responding by making significant investments in cybersecurity tools and technologies like AI and machine learning. The survey also found that Indian executives see technology disruptors as opportunities, with 69% viewing Generative AI as an opportunity. Additionally, 88% of Indian organizations are actively investing in building resilience in their ecosystem.

Data privacy issues, online frauds hinder ecommerce growth: Economic Survey

YourStory

YourStory · 1y ago

Data privacy issues, online frauds hinder ecommerce growth: Economic Survey

The Economic Survey 2023-24 has highlighted data privacy concerns and increasing online fraud as significant obstacles to the growth of e-commerce in India. The survey emphasizes the need to educate users on safe practices and urges the adoption of strong security measures and compliance with privacy regulations. It further states that the future of e-commerce lies in enhanced user experiences, AI integration, seamless digital payment methods, and the use of data analytics for business operations. Additionally, the survey highlights the need for innovative business models, local language platforms, and catering to the diverse needs of shoppers in tier-2 and tier-3 cities.

Fintech the cornerstone to help India achieve financial inclusion: Economic Survey 2023-24

Economic Times

Economic Times · 1y ago

Fintech the cornerstone to help India achieve financial inclusion: Economic Survey 2023-24

The Indian government aims to promote data-based lending to support small businesses and economic growth, according to the Economic Survey for 2023-24. It also plans to develop a centralized KYC mechanism to standardize customer identification across financial services sectors. The survey highlights India's position as the third largest fintech market globally and acknowledges the potential of disruptive technologies like AI/ML, decentralized finance, and IoT in the digital payments ecosystem. The government aims to reduce the cost of financial intermediation to drive financial inclusion and has leveraged technology through initiatives like DBT payments, UPI, and Aadhaar to achieve this. The survey emphasizes that digital payment adoption can accelerate economic growth by 2.2%.

ChatGPT most-used AI platform to find info in India; 31% willing to switch to DeepSeek: Survey

Economic Times

Economic Times · 8m ago

ChatGPT most-used AI platform to find info in India; 31% willing to switch to DeepSeek: Survey

A survey by LocalCircles indicates that about half of Indian internet users are utilizing AI platforms, with ChatGPT being the most popular. Google remains the preferred search engine for 40% of respondents. The survey, with over 92,000 responses from 309 districts, highlights that 90% use AI in text mode. Notably, 31% are considering switching to China's DeepSeek for its advanced features, while 3 in 10 already have or plan to soon.

Look before you QR code: As smart payments become a norm, fraud gates open up

Economic Times

Economic Times · 1y ago

Look before you QR code: As smart payments become a norm, fraud gates open up

The rise in QR code fraud or "quishing" is becoming a major concern as scammers are finding new ways to exploit the use of QR codes for financial fraud and identity theft. Complaints regarding UPI-related fraud have doubled in 2023, with QR code fraud accounting for nearly half of the cases. Scammers send QR codes through messaging platforms and ask users to scan them and enter their UPI PIN, allowing them to gain access to the user's account and transfer money. Officials warn against scanning unknown QR codes without verification and recommend using preview features before making a payment.

Airtel's anti-fraud measures cut customer financial losses by nearly 70%

Economic Times

Economic Times · 1m ago

Airtel's anti-fraud measures cut customer financial losses by nearly 70%

Bharti Airtel's anti-fraud measures have significantly reduced customer financial losses by nearly 70%, according to data from the Indian Cyber Crime Coordination Centre. Launched in September 2024, Airtel's AI-powered spam detection solution has notably decreased cybercrime incidents. The company has blocked billions of spam calls and thousands of fraudulent links. Airtel's efforts are directed at eliminating digital spam and fraud, receiving commendations from authorities for their effectiveness in curbing cyber threats.

'In 2014-15, only 2-3% of our customers were women. Today, that number is...': Zerodha CEO Nithin Kamath

IndianStartupNews

IndianStartupNews · 1m ago

'In 2014-15, only 2-3% of our customers were women. Today, that number is...': Zerodha CEO Nithin Kamath

Zerodha CEO Nithin Kamath reports a significant increase in female investors on their platform, rising from 2-3% in 2014-15 to 30% today. A survey highlighted that about half of these women manage their accounts independently, indicating a positive shift towards financial independence. The trend aligns with broader Indian investment patterns, where women's participation in mutual funds has surged, with assets doubling recently. Kamath encourages more women-driven financial initiatives to further this progress.

RBI moots apps for feature phones to deepen financial inclusion

Economic Times

Economic Times · 4m ago

RBI moots apps for feature phones to deepen financial inclusion

The Reserve Bank of India is urging banks to create low-bandwidth apps and adaptable financial products for feature phones to enhance financial inclusion in remote and underserved areas. The RBI aims for 100% financial inclusion by bridging accessibility gaps and ensuring digital products prevent cyber fraud. It plans to review mobile banking regulations and increase the Financial Inclusion Index. A survey on digital payment usage will support evidence-based decisions to improve inclusion and system effectiveness.

AI-led ad frauds skim billions from brands one click at a time - The Economic Times

Economic Times

Economic Times · 2m ago

AI-led ad frauds skim billions from brands one click at a time - The Economic Times

The booming black market for fake clicks, or “click farms,” is deceiving advertisers by artificially inflating website traffic. This issue extends beyond bots, involving AI tools generating fake sites and traffic. As ad fraud becomes more sophisticated with AI, nearly 22% of online ad spend is lost to these scams. Advertisers remain largely unaware of the problem's scale, with true effectiveness masked by surface metrics manipulated by fraudsters.

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