47 per cent of urban families conned financially in Bengaluru

The survey identified credit/debit card and UPI fraud, buying or selling classified site users, and bank account fraud as the top types of financial cheating experienced by families.
Image used for representational purpose only
Image used for representational purpose only (Express Illustration)

BENGALURU: A recent survey has revealed that 47 per cent of urban Indian families have experienced some type of financial fraud, with 53 per cent reporting that they or someone in their immediate family have been a victim in the past five years.

The survey, conducted via LocalCircles platform, gathered over 48,000 responses from citizens across 367 districts and found that six in 10 Indians do not report financial frauds to regulators or law enforcement agencies when the value is under Rs 1,000, so 90 per cent remains unreported.

The survey identified credit/debit card and UPI fraud, buying or selling classified site users, and bank account fraud as the top types of financial cheating experienced by families.

The findings highlighted that 17 per cent of citizens admitted to storing important passwords (ATM, debit/credit cards, bank accounts, app/play store) on their mobile devices, making them highly vulnerable to data theft. In terms of password storage, about 34 per cent of citizens admitted to sharing important passwords with someone else, typically a family member.

On storing of important passwords, 9 per cent of respondents indicated that they store passwords in mobile phone notes, 4 per cent in mobile phone contact list, 4 per cent in a password app on the phone, and 4 per cent in any other app. Additionally, 5 per cent keep them in their wallet or purse, 14 per cent have them memorised, and 16 per cent store them on their computer.

The survey also found that Aadhaar card, PAN card and driving licence are the top three identities shared by citizens for various applications, proofs, bookings and stays over the past five years. It was found that 97 per cent of respondents had submitted their Aadhaar card, 68 per cent their PAN card, and 38 per cent their driving licence for various purposes.

The report further revealed concerning data from the Reserve Bank of India in May, indicating that bank frauds increased by 300 per cent, and digital frauds by 708 per cent in the last two years. The survey underscores the need for better financial data storage practices and increased awareness to combat the growing threat of financial fraud in India.

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