Consumer trust highest in India despite maximum number of e-frauds: Report

Indians place the highest trust in their financial institutions despite facing the maximum number of frauds in the Asia-Pacific region, according to a 2019 report by Experian India.

Sixty five per cent of Indian businesses have experienced an increase in online fraud-related losses over the past 12 months. This was against 50 per cent of businesses surveyed in the Asia-Pacific region that have seen an increase in fraud-related losses over the past 12 months from account originations and account takeovers — both potentially damaging brand reputation. The global average is 55 per cent with the US having the highest incidence at 80 per cent.