Financial frauds in Bharat
by LocalCircles—an India-based community social media platform focusing on citizens and small businesses to voice concerns and drive policy change
Coverage
over 48,000 citizens across 367 districts in India
Findings of the Report
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47 percent of urban Indian families had someone who had experienced some type of financial fraud.
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six of 10 Indians do not even report financial fraud
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17 percent of those surveyed admitted to storing critical financial passwords, including those for ATM, debit cards, credit cards, and bank accounts, in insecure locations on their mobile phones such as notes or contact lists.
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34 percent of respondents share their important financial passwords, including ATM, credit and debit card passwords, with others, predominantly family members
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53 percent reported having encountered some form of financial fraud in the past five years
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97 percent of respondents shared their Aadhaar details, followed by 68 percent for PAN cards and 38 percent for driving licences, raising concerns about privacy and the potential for misuse.
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& 300 percent rise in bank frauds and a staggering 708 percent increase in digital frauds over the past two years - RBI
