45% of Indian firms report cybercrime frauds, rank second after customer frauds: study

The shift to remote working because of the Covid-19 pandemic has opened up businesses to a new set of risks, with customer fraud (e.g. fraud involving mortgages, credit cards, claims, and cheques) being on top of the list, reported by 47% of companies, according to the PwC’s Global Economic Crime and Fraud Survey 2022: India Insights,

The top frauds in India also changed significantly in the last two years as cybercrime came a close second, with 45% of Indian organisations reporting this type of fraud. Further, KYC failure was experienced by 34% of Indian firms that experienced fraud, corruption, or economic/financial crime and came in third.