39% of Indian families are victims of financial fraud, most do not get their money back: Report

In this era of online and cashless, cases of financial fraud have increased rapidly in the country. As per the LocalCircle report, around 39 per cent of the households were subjected to financial fraud in the last three years and only 24 per cent of them were able to get their money back.

May 2, 2023 - 17:23
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39% of Indian families are victims of financial fraud, most do not get their money back: Report

As every coin has two sides, similarly every new and convenient thing has its disadvantages. Similar is the case with financial fraud. Ever since the facility of sending and receiving money online and cashless has come into the country, the cases of financial fraud have increased rapidly.
Financial fraud means such fraud in which there is a loss of your earned money. Now whether it is debit card or credit card fraud or online net banking. According to a survey report by LocalCircle, around 39 per cent of households claimed that they were subjected to financial fraud in the last three years and only 24 per cent of them got their money back.
The survey reports that 23 percent of the respondents with the largest group of respondents have been subjected to financial fraud through credit or debit cards. While 13 per cent of people have been fraud through buy, sell and classified sites.
According to the survey, 13 per cent of the websites took money online in the name of delivering the product but did not deliver the product. 10 per cent reported ATM card fraud, another 10 per cent reported bank account fraud and 16 per cent reported other frauds.
The LocalCircle firm said that they have taken about 32,000 responses to their survey from households located in 331 districts of the country, of which 66 per cent were male respondents and 34 per cent were female.
The firm pointed out that around 39 per cent of respondents were from Tier 1, 35 per cent of respondents were from Tier 2 and 26 per cent of respondents were from Tier 3, 4 and rural districts. According to the survey, out of 11,305 responses, 24 per cent of people got their money back while 70 per cent were those whose complaints could not be resolved.
LocalCircle reported that a comparison study with feedback received last year found that the percentage of households reporting financial fraud decreased slightly in 2023 compared to 2022 (the previous 3 years).
At the same time, the percentage of people reporting fraud through credit and debit cards has increased from 18 per cent last year to 23 per cent now.

Muskan Kumawat Journalist & Writer