CHENNAI: Around 65% of Indian companies have experienced an build up in online fraud-related losses during the last 12 months, says a new document by information analytics and decisioning company Experian.
This includes account takeover attacks and fraudulent account openings. The 2019 Experian Identity and Fraud Report: Asia-Pacific Edition surveyed 590 APAC companies.
The document highlights that trusted online relationships are based on companies providing each a secure atmosphere and seamless client experiences. With insights from almost 6,000 APAC consumers together with India, the document discovered that majority (71%) worth ‘safety’ as an important part of an internet revel in, followed by ‘convenience’ (15%) and ‘personalisation’ (14%).
Majority of the respondents in India feel they're sacrificing privacy for convenience in as of late’s unpredictable risk panorama.
“The document highlights the desire for adoption of a secure and handy platform by companies,” says Sathya Kalyanasundaram, nation managing director, Experian India.
“While companies continue to innovate on new answers that give a boost to the buyer revel in, there needs to be a focus on lowering the buyer’s possibility publicity by securing the data and information they recently access.”
While present safety methods used by organisations are nonetheless extra conventional in nature, document findings printed that 64% of Indians favoured the brand new applied sciences and complicated authentication answers. In India, more than 40% of the patrons surveyed come upon complicated authentication methods regularly, which is the highest in APAC.
Transparency is any other key determinant in building mutual consider. The document discovered that 65% of the Indian consumers be expecting complete transparency from companies round how their non-public information is used.
In line with this development, government agencies in India such because the Reserve Bank of India (RBI), are constantly working in opposition to client’s online safety in a proactive means. The RBI has been diligently striking measures in position to make sure virtual transactions in India which are safe throughout the implementation of Know Your Customer (KYC). Regulatory bodies have additionally upheld client protection by retaining a number of large industry players chargeable for the unauthorised use of personal information.
This includes account takeover attacks and fraudulent account openings. The 2019 Experian Identity and Fraud Report: Asia-Pacific Edition surveyed 590 APAC companies.
The document highlights that trusted online relationships are based on companies providing each a secure atmosphere and seamless client experiences. With insights from almost 6,000 APAC consumers together with India, the document discovered that majority (71%) worth ‘safety’ as an important part of an internet revel in, followed by ‘convenience’ (15%) and ‘personalisation’ (14%).
Majority of the respondents in India feel they're sacrificing privacy for convenience in as of late’s unpredictable risk panorama.
“The document highlights the desire for adoption of a secure and handy platform by companies,” says Sathya Kalyanasundaram, nation managing director, Experian India.
“While companies continue to innovate on new answers that give a boost to the buyer revel in, there needs to be a focus on lowering the buyer’s possibility publicity by securing the data and information they recently access.”
While present safety methods used by organisations are nonetheless extra conventional in nature, document findings printed that 64% of Indians favoured the brand new applied sciences and complicated authentication answers. In India, more than 40% of the patrons surveyed come upon complicated authentication methods regularly, which is the highest in APAC.
Transparency is any other key determinant in building mutual consider. The document discovered that 65% of the Indian consumers be expecting complete transparency from companies round how their non-public information is used.
In line with this development, government agencies in India such because the Reserve Bank of India (RBI), are constantly working in opposition to client’s online safety in a proactive means. The RBI has been diligently striking measures in position to make sure virtual transactions in India which are safe throughout the implementation of Know Your Customer (KYC). Regulatory bodies have additionally upheld client protection by retaining a number of large industry players chargeable for the unauthorised use of personal information.
'65% of businesses experienced online fraud rise'
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Reviewed by Kailash
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May 02, 2019
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