More than half of Indians, or 71%, view security as the most important element of an online experience, a report by consumer credit reporting and research firm Experian showed.
The Ireland-headquartered company said that it had collected data from over 6,000 consumers and 590 businesses in the Asia-Pacific region.
In the report titled ‘2019 Experian Identity and Fraud Report: Asia-Pacific Edition,’ the company found that 15% and 14% of the companies polled considered convenience and personalisation, respectively, as the second and third most important requirements for an online experience in India.
Further, 65% of businesses polled in India said they had experienced an increase in online fraud-related losses over the past 12 months.
The survey found that the top two fraud-related activities were identity theft and market alert frauds. Fraud contact information and fabrication of documents took the third and fourth position in the list of the most-used methods to deceive individuals.
Identity thefts declined by 13% and document fabrications reduced by 10% as compared to the previous year. However, the number of people being coaxed to share their contact information had risen from 10% to 25% in the 2018-2019 period.
“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,” said Sathya Kalyanasundaram, country managing director, Experian India.
The report also stated that 40% of the consumers surveyed in India encountered advanced authentication methods regularly, which was the highest percentage in APAC. 64% of Indians also favoured new technologies and advanced authentication solutions.
In terms of geographies, the states with the highest rate of fraudulent activities were Delhi, West Bengal, Punjab, Uttar Pradesh and Haryana. The report also stated that Tier 2 cities had a higher rate of fraud as compared to all other tiers.
In terms of classification of criminal activities based on the product targeted, credit cards, personal loans and automotive loans were the top three tools used by fraudsters to con people.
Unsurprisingly, 65% of Indian consumers also said that they expected full transparency from businesses in terms of how their personal data was collected and disseminated.