Many Indians Face Credit Card Fraud! Many Experienced UPI Transaction Fraud, Reveals Survey

The survey said that consumer awareness needs to be created on priority for both UPI and credit card users. Moreover, safeguards must be built so no Indian credit cards can be charged without an OTP authentication. Also, increasing consumer awareness is important, for UPI. Along with these steps, it is also important to sensitize local police stations, so that staff can guide their citizens to file an online complaint within minutes, unlike the current state wherein a majority of the staff, even in urban India, are not capable of guiding a victim of online financial fraud.Among the people surveyed for financial fraud transactions, a few indicated more than one option; 43 per cent indicated “fraudulent transaction on credit card.” Also, 36 per cent indicated “fraudulent UPI transactions,” while 13 per cent admitted “fraudulent transactions on debit cards,” 19 per cent said “fraudulent transactions on ATM cards,” 30 per cent mentioned “other types of fraud financial transactions,” transactions,” and nine per cent of respondents did not give a clear reply, according to LocalCircles survey.

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