McAfee Study Reveals Indian Festive Online Shopping Behavior And Advises Precautions On “Too Good To Be True” Deals

* 44% of Indians planned to do more online shopping as compared to previous years

More than half of Indians have been the victim of online scams during the festive season, most of those losing money, losing up to INR 40K

59% of Indians admitted to having made an online purchase during the festive period in bed late at night when they really should be asleep

McAfee Corp., a global leader in online protection, has released the results of its inaugural Global Festive Shopping Scams Study. The study surveyed more than 7,000 adults across seven countries, including India, to gain perspective on different facets of consumer online buying behavior, including insights on the patterns, worries, and susceptibilities that they may face during a busy festive season.

It revealed that 84% of Indian consumers have the same level of trust between online and in-person shopping. This year, 44% of Indians planned to do more online shopping as compared to previous years. During the festive season, 77% of shoppers saw an uptick in cybercriminal activity and 95% of people thought that the use of artificial intelligence would impact the amount and types of scams. Additionally, 54% of Indian consumers have been the victim of an online scam during the festive season. 65% of these victims reported losing money as a result, the majority of whom lost up to INR 40K.  

The study also shed light on consumer online shopping behavior patterns; the findings reveal that Indians are shopping at their convenience, anywhere ‘round the clock. For instance, 59% of Indians admitted to making an online purchase in bed late at night when they really should be asleep. 37% have shopped during work hours, 28% during dinner, and even 10% while on the toilet.

“With the speed and sophistication of scams increasing rapidly due to AI, and Indian consumers busier than ever, knowledge is the first line of data protection defense. Cybercriminals are taking advantage of the rush for deals, and the hustle and bustle of life, and using AI to create fake sites, phishing emails, and tricky text messages, hoping you'll take the bait and click on something unsafe,” said Roma Majumder, SVP of Product at McAfee. “With AI now a scammers favorite tool, and our findings revealing that 43% of Indians are likely to jump on a great deal as soon as they see it, you need the most advanced AI in your back pocket to safeguard your privacy, identity, and personal information. So, keep your guard up, think before you click when seeking out deals or managing your purchase deliveries, and make sure you've got the latest in AI and online protection to keep the cyber crooks at bay.”

The 2023 McAfee Festive Shopping Scams Study

McAfee’s research unwrapped a few key insights about online festive shopping scams, and sheds light on the heightened stress people face while shopping for loved ones and working to protect themselves from AI-assisted digital scammers. The survey results are detailed below.

Festive shopping goes digital

People are spending more time than ever shopping online: 91% of Indians planned to shop online this festive season. Cybercrooks have caught on to the fact that we’re shopping online more and are using that knowledge to create fake parcel delivery messages, phishing sites, and other shopping-based scams that lure consumers into clicking on fake links. 77% of Indian consumers believe that cybercriminals are more prevalent during the festive season:

44% of Indians planned to do more online shopping this year as compared to previous years.

More than half of Indian consumers (54%) say they have been the victim of an online scam during the festive season. 

Of these victims, 65% said they have lost money as a result, with 81% of them losing up to INR 40K

23% indicated that they will provide credit card / bank card details to unknown merchants if they’re selling something they want at a good price

People are shopping anywhere and everywhere around the clock

In light of inflation, while 91% of Indians stated they look for the best deal before making a purchase, 43% admitted they were likely to jump on a good deal as soon as they see it. Some consumer shopping habits are more surprising, and point to the possibility of distraction in a world of increasingly sophisticated scams:

82% of Indians use their smartphone for online shopping, followed by 44% on PC/Laptop and 21% on Tablet

59% of Indians admitted to having made an online purchase in bed late at night when they really should be asleep. 

37% revealed they have made an online purchase while at work. 

28% have made an online purchase during dinner. 

10% have even made an online purchase while on the toilet. 

The survey also provided insights into the trust and caution used by Indian consumers while shopping online:

84% of consumers expressed having the same level of trust when shopping online as they do when shopping in person.

45% of online shoppers conduct their own research by browsing through various online stores

31% rely on recommendations from family or friends when making purchasing decisions

24% of consumers' decisions are greatly influenced by social media influencers and content creators.

Alongside this, 95% believe that the use of artificial intelligence by cybercriminals will have an impact on the amount and types of online scams, making scams more convincing and deceptive. 34% of Indians find it difficult to tell what’s a real message versus a fake one, from a retailer or delivery service. Due to which, 75% of Indian consumers aim to up their guard and stay alert against deceptive messages due to the surge in AI scams.

How to Protect Yourself from Scam Messages 

Think before you click. Cybercriminals use phishing emails or fake sites to lure people into clicking links that could lead to malware. If you receive an email or text message asking you to click on a link, even if it’s a great-sounding deal or indicates it’ll provide useful information, it’s best to avoid interacting with the message altogether. Always go direct to the source and interact with reputable companies. 

Remember that if it seems too good to be true, it probably is. Many scams are effective because the scammer creates a false sense of urgency or preys on a heightened emotional state. Pause before you rush to interact with any message that is threatening or urgent, especially if it is from an unknown or unlikely sender. 

Use AI to beat AI. From blocking dangerous links that appear on text messages, social media, or web browsers, customers across all platforms can take advantage of the AI-driven technology behind McAfee Scam Protection to engage with text messages, read emails, and browse the web peacefully and securely. 

About McAfee 

McAfee Corp. is a global leader in online protection for consumers. Focused on protecting people, not just devices, McAfee’s consumer solutions adapt to users’ needs in an always online world, empowering them to live securely through integrated, intuitive solutions that protect their families, communities, and businesses with the right security at the right moment. For more information, visit https://www.mcafee.com  

Abbott Launches FreeStyle LibreLink Mobile App For People Who Use FreeStyle Libre® System In India

 •       App enables people with diabetes who use Abbott’s FreeStyle Libre system to monitor their glucose levels to view their data directly on their smartphone.

•       People can use FreeStyle LibreLink to seamlessly share their information with healthcare professionals through LibreView and with caregivers through a separate LibreLinkUp app

•       FreeStyle LibreLink app is available across India for compatible iPhone and Android smartphones

Abbott, the global healthcare leader, announced the launch of its digital health tool, FreeStyle LibreLink app in India. The mobile application will allow people who use the FreeStyle Libre system to measure their glucose to now get their readings on their mobile phones anytime, anywhere without the pain of pricking.1 By launching an integrated FreeStyle Libre digital platform, Abbott aims to empower people to better manage their diabetes through easy monitoring, easy insights and easy connection. The mobile app is available to work on compatible iPhone and Android smartphones.

The FreeStyle LibreLink app enables people with diabetes to see their glucose data in real-time on their smartphones, and easily share the information with their doctors and caregivers. The mobile app uses near-field communication (NFC) technology to transfer glucose data from the sensor to the mobile app, allowing people to help track eight-hour glucose history, real-time trend patterns to manage food, insulin use, medication and exercise on their smartphone. This eliminates the need to use a separate reader for glucose monitoring.

Speaking on the launch, Kalyan Sattaru, general manager of Abbott’s Diabetes Care Business in South Asia said, "People living with diabetes experience significant burden as they face multitude of tasks to effectively manage their diabetes. FreeStyle LibreLink app seamlessly integrates with FreeStyle Libre sensor, the world’s No.1 continuous glucose monitoring (CGM) used by more than 5 million people with diabetes globally.2 At Abbott, we are committed to ensuring our FreeStyle Libre technology not only simplifies the daily routines for people living with diabetes, but also empowers them to manage their diabetes more effectively."

Adding, Dr. Manoj Chawla, Senior Diabetologist said, "The ability to automatically receive glucose information on real-time basis can facilitate easier diabetes management for people with diabetes and their caregivers. New diabetes technology will pave the way for precise and informed decision-making."

People using FreeStyle LibreLink can share information with their healthcare professional and caregivers through LibreView and LibreLinkUp, digital health tools that are also part of the FreeStyle Libre platform:

LibreView is a secure, cloud-based diabetes management system that enables the patient to share their glucose insights with their healthcare provider helping him take timely intervention.

LibreLinkUp is a mobile app for parents and caregivers, allowing them to easily check glucose history and trends for a child, elderly parent or loved ones managing diabetes.

People using the FreeStyle LibreLink app have access to latest updates and new features in comparison to the FreeStyle Libre reader. This includes a larger, high-resolution display, text-to-speech capabilities for glucose readings (when enabled), and data shared automatically through the app without the need to upload it manually. While the app can replace the reader, the two can also be used in combination with each other.

About the FreeStyle Libre System:

Abbott's FreeStyle Libre system is designed to change how people with diabetes measure their glucose levels and ultimately help them achieve better health outcomes. The system reads glucose levels through a sensor that can be worn on the back of the upper arm for up to 14 days, eliminating the need for finger pricks.

About Abbott:

Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 115,000 colleagues serve people in more than 160 countries.

In India, Abbott was established in 1910, and is one of the country's oldest and most admired healthcare companies. With more than 12,000 employees in the country, Abbott is helping to meet the healthcare needs of consumers, patients and doctors throughout urban and rural India.

Connect with us at www.abbott.com and www.abbott.in, on Facebook at www.facebook.com/Abbott and www.facebook.com/AbbottIndia, and on Twitter @AbbottNews.

BII Commits $25m To GEF South Asia Growth Fund III To Support Green Projects In India

·         The fund will mainly invest in Indian businesses across various sectors that offer solutions for a green and resilient economy.

·         This reflects BII's commitment to invest up to $1 billion into climate-related projects in India between 2022 and 2026.

·         It contributes to BII’s target of 30 per cent of total new commitments in climate finance.

British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, today announced a $25 million commitment to the GEF South Asia Growth Fund III’s (GEF SAGF III) first close. The Fund will invest in companies and projects that contribute to the transition to a low-carbon and resource-efficient economy mainly in India and parts of South East Asia. 

The Indian subcontinent is vulnerable to climate change with an increasing incidence of extreme weather like flash floods and heatwaves. The government in India has set a target to meet 50 per cent of its electricity requirements from renewable energy sources by 2030 and to reach net zero emissions by 2070. It is estimated that $160bn per year is needed until 2030 to achieve these goals.

The Fund’s differentiated, high-impact climate finance strategy invests in three critical areas that support India’s transition to a green and resilient economy - Adaptation, Mitigation, and Circular Economy. With BII’s investment, the Fund will tap into multiple sectors, ranging from renewable energy value chain, energy efficiency, food and water security solutions, to low-carbon transition, waste recovery and mobility solutions as well as smart city innovations.

Alexander Ellis, the British High Commissioner to India, said: “Combatting climate change together is one of the top UK/India priorities. Today’s announcement shows the UK’s commitment to support India’s green growth and creating new, green jobs, and BII’s work to reduce greenhouse gas emissions while alleviating poverty.”

Srini Nagarajan, Managing Director and Head of Asia at BII, commented: "We are proud to partner with GEF in our mission to promote sustainable energy in Asia. We have witnessed first-hand the transformative potential of the GEF SAGF II, and our renewed commitment with GEF SAGF III will accelerate India and South East Asia’s journey towards a greener future. The fund will support our goal of enabling sustainable practices, with a focus on renewable energy, efficient resource management, and cutting-edge environmental solutions.”

Raj Pai, Managing Partner at GEF Capital, added: “BII has been a critical catalyst for scaling climate finance in South and South East Asia by extending its expertise in climate investments, ESG and developmental impact thought leadership. GEF remains very excited to count BII as a long-term partner towards defining productive, sustainable, and inclusive growth through our climate impact investment.”

GEF SAGF III follows the predecessor fund, GEF SAGF II where BII had also committed $25 million.

About British International Investment

·         British International Investment is the UK’s development finance institution and impact investor.

·         British International Investment is a trusted investment partner to businesses in Africa, Asia and the Caribbean.

·         It invests to support the UK Government’s Clean Green Initiative and to create productive, sustainable and inclusive economies in our markets.

·         Between 2022-2026, at least 30 percent of BII’s total new commitments by value will be in climate finance.

·         BII is also a founding member of the 2X Challenge which has raised over $16 billion to empower women’s economic development.????

·         The company has investments in over 1,470 businesses across 65 countries and total assets of £8.1 billion.

·         For more information, visit: www.bii.co.uk | watch here.

·         Follow British International Investment on LinkedIn and X.

Rapido Launches Affordable Intra-city Mobility Solution With Rapido Cabs, Sisrupting Urban Commuting With SaaS-Based Platform

 ~After foraying into bike taxi and auto services, this strategic announcement is first ever transparent transport offering in 4W ‘Rapido Cabs’ which offer Zero Commission and Lowest Price Guaranteed~

Rapido, India's leading commute app, renowned for its innovative and affordable two-wheeler and auto-rickshaw services, has announced its strategic entry into the cab business.

The cab launch represents the latest step in Rapido's mission to revolutionize urban mobility and ensure an affordable intra-city solution for all commuting needs. By diversifying its offerings, Rapido aims to become the go-to platform for a wide range of commuting needs, providing an affordable platform for commuters while benefiting captains. Accessible to all cab captains operating across the country, these services are designed to promote entrepreneurship, fostering a sustainable livelihood for drivers. Beyond empowering drivers, the focus extends to customer affordability, offering cabs at the lowest price to make transportation more accessible for all.

With a commanding 60% market share in bike taxis, Rapido expands its footprint with the pan-India launch of Rapido Cabs, introducing an initial fleet of 1 lakh vehicles.

Expressing his excitement about this latest milestone, Pavan Guntupalli, co-founder of Rapido, said, "We are incredibly excited to introduce Rapido Cabs pan India following the immense success of our bike taxi and auto services across the country.Our innovative SaaS-based platform revolutionizes the conventional commission system for drivers, tackling the persistent challenge of commission sharing with aggregators. This pioneering approach ensures that drivers incur only a minimal software usage fee, marking a significant shift in the industry.”

He added, “It also prioritizes customers by ensuring lowest price guarantee and making our services exceptionally affordable for all.”

Rapido Cabs distinguishes itself through an innovative SaaS-based platform featuring a cutting-edge, zero-commission model for cab captains—an outstanding hallmark of our service. The SaaS-based platform serves as a seamless mediator, exclusively connecting drivers and customers without exerting control over the marketplace. Within the Rapido ecosystem, drivers enjoy direct payment from customers, free from any interference by Rapido. Nevertheless, to sustain this model and continue delivering exceptional service, drivers are required to pay a nominal subscription fee. As an illustration, upon reaching earnings of Rs 10,000 from the Rapido app, drivers will be subject to a modest subscription fee of Rs 500. This pioneering approach ensures that drivers receive the entirety of their service value, empowering them to maximize their earning potential. Simultaneously, passengers benefit from competitive fares in the Cab segment, as the all-encompassing SaaS-based platform consolidates various commuting solutions into a single, user-friendly app.

Rapido's expansion into cab services is a strategic move to meet the diverse commuting needs of its ever-growing user base while driving business growth and expansion.

NSE Awarded As ‘Exchange Of The Year’ In The Regulation Asia Awards For Excellence 2023

India's leading stock exchange, National Stock Exchange (NSE), was awarded as the ‘Exchange of the Year’ in the Regulation Asia Awards for Excellence 2023 held in Singapore.

Regulation Asia’s 6th annual awards ceremony was organized on November 14, 2023, in Singapore to announce the winners of the ‘Regulation Asia Awards for Excellence 2023’. The awards recognise excellence by organisations, that help to ensure the highest compliance standards are upheld in the financial industry that have shaped the regulatory landscape in the Asia Pacific region.

The award was received by Shri Sriram Krishnan, Chief Business Development Officer, NSE.

This award acknowledges stock and derivatives exchanges that exhibit global or regional leadership, innovation, and a commitment to sustainability, resilience, and integrity. The judging panel evaluated exchanges based on market growth, cost-efficient operations, fair market access, and transparency. The award recognizes exchanges demonstrating excellence in driving industry advancements and providing a conducive environment for market participants.

Shri Piyush Chourasia, Chief Regulatory Officer, NSE said: "It gives us immense pleasure to receive this acknowledgement from Regulation Asia for the work put in by the NSE team under the guidance of SEBI to make India the safest market in terms of investor protection even as Indian markets continue to be the bright spot. We would like to express our sincere gratitude to SEBI for their continued guidance and leadership, and our trading members who are our partners in implementing a robust regulatory framework for Indian markets. At NSE, we will continue tour work to strengthen the Indian capital markets for domestic and foreign participants alike.”

Empowering Health Coverage: ICICI Lombard's MaxProtect Sets New Benchmarks For Affordability And Extensive Coverage

·         Keeping up with the times; ICICI Lombard launches MaxProtect, high-value cover at an affordable price

ICICI Lombard, India’s leading private non-life insurance company, launched its newest addition to the bouquet of customer-centric products, MaxProtect. A product specifically curated keeping in mind the ever-evolving lifestyle of our customers, MaxProtect is positioned to offer high-value coverage at an extremely affordable price, providing an inflation-adjusted solution to meet the healthcare needs of individuals and families.

MaxProtect provides a choice between two customer-focused insurance plans, MaxProtect Classic plan offers comprehensive coverage and ensures that you have ample financial protection for various scenarios. It provides coverage for various medical services, including advanced treatments, donor expenses, hospital stays (excluding suites), unlimited sum insured reset benefit, domiciliary hospitalization, and unlimited teleconsultation.  On the other hand, the MaxProtect Premium plan stands out with its rich set of features, including global coverage, access to air ambulance services, and a distinctive claim protector feature. MaxProtect goes beyond standard coverage to provide a comprehensive and advanced level of protection. Coverage ranges from 1 Crore to an impressive 10 Crores, with an unlimited option available. Annual premiums start at just Rs. 9,367 for 1 Crore under floater policy for 2 adults, equivalent to approximately Rs. 26 per day, making it accessible to a broad range of customers. Notably, MaxProtect preserves the accrued no-claim bonus, which remains with the customer even in case of future claims, ensuring ongoing peace of mind throughout the insurance term.

Shaped by extensive consumer insights garnered through Consumer Research conducted by ICICI Lombard, MaxProtect seamlessly adapts to changing health insurance preferences. Fueled by surging medical costs, early-onset lifestyle ailments, and individual experiences, customers demand amplified coverage. Formerly content with 10-20 lakh amounted  policies, they now seek 50 lakh or more. Indian health insurance buyers prioritize value, anchoring choices in meticulous price-benefit analysis.

In this context, Indian health insurance buyers now prioritize value-focused decisions, making thorough cost-benefit assessment a central part of their choices. Keeping that in mind, MaxProtect provides a comprehensive coverage with its extensive network of affiliated hospitals. Here, ICICI Lombard's pioneering Anywhere Cashless feature truly shines as an exceptional addition. Policyholders can seamlessly access cashless hospitalization at any medical facility across India. They can raise the request via the IL Take Care app 24 hours prior to hospitalization, and enjoy benefits of the same.

Mr. Girish Nayak, Chief – Technology, Health UW & Claims, ICICI Lombard, said, "We have always been at the forefront of providing our customers with simple and technologically enabled risk solutions to their specific needs. MaxProtect embodies our dedication to providing holistic health insurance solutions that effortlessly align with the ever-changing requirements of our customers. With its health coverage ranging from ? 1 crore to ? 10 crore at budget-friendly premiums from as low as ? 26/day and ground-breaking innovations such as Anywhere Cashless, MaxProtect envelops you in a unique cocoon of reassurance, ensuring unwavering support in times of medical need.”

ICICI Lombard is a company that places customer-centricity at the heart of its operations and this enables the company to drive innovation in order to provide suitable insurance solutions to its customers. ICICI Lombard offers a variety of insurance solutions bundled with technology. In the past, the company has launched several innovative products that have revolutionized the insurance industry in India. For instance, the company introduced the Health Advisor feature, which is an AI-powered chatbot that provides personalized health advice to customers. The company has also launched a Motor OD policy that uses telematics technology to track driving behaviour and reward safe driving habits. ICICI Lombard's focus on customer-centricity is evident in its 24x7 customer support, easy-to-use mobile app, and simplified claims process.

#ICICILombard #GirishNayak #NibhaayeVaade #ILTakeCare #AnywhereCashless #MaxProtect

About ICICI Lombard General Insurance Company Ltd.

ICICI Lombard is the leading private general insurance company in the country. The Company offers a comprehensive and well-diversified range of products through multiple distribution channels, including motor, health, crop, fire, personal accident, marine, engineering, and liability insurance. With a legacy of over 21 years, ICICI Lombard is committed to customer centricity with its brand philosophy of ‘Nibhaaye Vaade’. The company has issued over 32.7 million policies, settled 3.6 million claims and has a Gross Written Premium (GWP) of ?217.72 billion for the year ended March 31, 2023.  ICICI Lombard has 305 branches and 12,865 employees, as on March 31, 2023.

ICICI Lombard has been a pioneer in the industry and is the first large scale insurance company in India to migrate its entire core systems to cloud.  With a strong focus on being digital led and agile, it has launched a plethora of tech-driven innovations, including the industry first Face Scan on its signature insurance and wellness App - IL TakeCare, with over 6.9 million user downloads. The company has won several laurels including ET Corporate Excellence Awards, Golden Peacock Awards, FICCI Insurance Awards, National CSR awards etc. for its various initiatives. For more details visit https://www.icicilombard.com/

COP 28: Sustainability Disclosures Are Pivotal In Driving Climate Action

* Leading global organisations – ACCA, IOSCO, IFAC and ISSB – call for action to meet market demands for climate-related reporting disclosures at COP28

At COP28, four leading global bodies have called for concerted action to ensure sustainability reporting can help provide better information for those driving climate action across the business world.

They underlined the potential and importance of a global approach to sustainability reporting standards in enabling decision-making, as well to channel more equitable investment.

With the introduction of international sustainability standards from the ISSB – coming into effect in 2024 providing a widely supported reporting baseline – global bodies called for a focus on achieving adoption across the world through the development of skills, capacity and the sharing of knowledge.

Panellists at Sustainability disclosures driving climate action  representing ACCA (the Association of Chartered Certified Accountants), the International Organization of Securities Commissions (IOSCO), the International Federation of Accountants (IFAC) and the International Sustainability Standards Board (ISSB) highlighted the importance of this approach in meeting the demands of capital markets.

The event also heard of the importance of:

·         ensuring sustainability corporate reporting avoids green washing;

·         having maximum harmony between international and national standards; and

·         building capacity so preparers and users of reporting have the skills and the knowledge required.

The accountancy profession has a critical role to play in climate action, both to lead long-term value creation within sustainable economies, and to champion responsible practices in the public interest.

At the event in the ICC Pavilion in the Blue Zone on Monday 4 December, Helen Brand, Chief Executive, ACCA, said: ‘Consistent and comparable sustainability reporting will drive change and unlock new opportunities not only for businesses, but for the investor community and other stakeholders.

The accountancy profession has a central role in harnessing these new standards to drive positive action to combat climate change, to help create a better, more sustainable world.’

Since 2019, IFAC has been working diligently to advocate for international sustainability standards, including calling for the formation of the ISSB. Asmaa Resmouki, President of IFAC, said: ‘On behalf of my colleagues at IFAC, we are delighted to be able to leverage our significant convening power to bring together the most important stakeholders – including especially the global accountancy profession – to help drive demonstrable climate action. 

‘We will continue our support of the development, adoption and implementation of the ISSB’s standards by professional accountants globally, and we welcome the role and responsibility that professional accountants have in this endeavour.’ 

Participation in COP28 is part of a broader effort from the global accountancy profession to engage with the United Nations. IFAC is an official observer organization to the United Nations Framework Convention on Climate Change (UNFCCC).