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Fraud against businesses rises amid pandemic
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SME Times News Bureau | 21 May, 2021
More than 45 per cent of businesses in India have seen an increase in fraud amid the pandemic, said a report on Friday.
According
to data analytics company Experian, despite the growing risk of fraud,
40 per cent of Indian businesses indicate that they are placing more
emphasis on revenue generation rather than fraud detection, which can
lead to an increase in losses and a decline in customer confidence.
Considering
that 56 per cent of consumers in India cite online privacy as a
significant concern, businesses must take robust actions to safeguard
themselves and their customers against potential digital risks, it said.
"India
has now become one of the largest and fastest-growing technology
markets in this world," Steve Griffiths, Managing Director, Decision
Analytics, Experian Asia Pacific, said in a statement.
"Businesses need to build a digital infrastructure that is agile and adaptive to these changing dynamics," Griffiths added.
While
90 per cent of businesses in India say they have implemented strategies
related to recognising their customers across their various platforms
-- the highest among all regions surveyed in the global report, only 18
per cent of organisations surveyed in India are confident in preventing
new types of fraud.
To counter the rising threat of fraud, Experian has upgraded and enhanced one of its flagship products, CrossCore.
The
enhanced version of CrossCore cuts complexity, increases efficiency and
helps businesses to quickly respond to today's emerging fraud threats,
the company said.
"Experian's enhanced CrossCore presents an
opportunity for businesses to put consumers at the heart of the
relationship," said Neeraj Dhawan, Managing Director, Experian India.
"With
the latest version of CrossCore, Experian empowers businesses by
consolidating numerous fraud risk signals into a single, holistic
assessment, enabling them to improve operational processes, stay ahead
of fraudsters, and protect their customers," Dhawan added.
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