Of the 590 APAC businesses surveyed, 65% of Indian businesses have experienced an increase in online fraud-related losses over the past 12 months. This includes account takeover attacks and fraudulent account openings. Majority of the respondents in India feel they are sacrificing privacy for convenience in today’s unpredictable threat landscape.
“The Asia Pacific edition of Experian’s Identity and Fraud 2019 Report highlights the need for adoption of a secure and convenient platform by businesses” said Sathya Kalyanasundaram, Country Managing Director, Experian India. “While companies continue to innovate on new solutions that enhance the customer experience, there needs to be a focus on reducing the customer’s risk exposure by securing the data and information they currently access.”
While existing security methods used by organisations are still more traditional in nature, report findings revealed that 64% of Indians favoured the new technologies and advanced authentication solutions. In India, more than 40% of the consumers surveyed encounter advanced authentication methods regularly, which is the highest in APAC.
Transparency is another key determinant in building mutual trust. The report found that 65% of the Indian consumers expect full transparency from businesses around how their personal information is used. In line with this trend, Government agencies in India such as the Reserve Bank of India (RBI), are constantly working towards consumer’s online security in a proactive manner. RBI has been diligently putting measures in place to ensure digital transactions in India that are protected through the implementation of Know Your Customer (KYC). Regulatory bodies have also upheld consumer protection by holding several large industry players liable for the unauthorised use of personal data.
Experian’s identity and fraud business comprises of nearly 300 fraud experts around the world working to protect people’s identities and fight fraud for businesses across multiple sectors, including financial services, telecommunications, retail/e commerce, insurance, government, and healthcare.