Financial cybercrimes, identity thefts on the rise: FIS Report

New research released by FIS, a leading financial services technology firm, has found financial fraud growing substantially since last year, with the share of victims doubling to 37% of respondents, and all age segments falling victim to fraudsters. FIS’ fifth annual PACE report highlights that Indians have embraced digital transactions, but they are yet to learn the do’s and don’ts of sharing personal information, with social engineering and phishing emails are rampant.

There is a dramatic correlation in India between adoption of mobile apps and digital payments and increasing rate of financial fraud. Close to 96% of Indians who fell victim to financial fraud during the last year had switched to mobile apps and digital payments from cash as mode of payment. Some of the other interesting findings are:

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