57% of all fraud incidents in India are ‘platform’ frauds: PwC India

Since the onset of the Covid-19 pandemic, there has been a rise in the number of “platform frauds”, which account for 57 per cent of all frauds reported in India, a report released on Thursday said.

In platform frauds, the perpetrators use social media, e-commerce platforms, enterprise platforms and fintech apps to commit theft and other economic crimes.

Over 26 per cent of Indian organisations have lost over $1 million till now due to platform fraud, according to a report released by PwC India. The report, titled “Platforms: The new frontier of fraud in India”, is based on a survey of 111 companies.