Over the past years, it is noted that 65 percent of Indian businesses have experienced an increase in online fraud-related losses in their businesses including account takeover attacks and fraudulent account openings.
In India, 87% of businesses expressed heightened concern about the potentially damaging impact of fraud, said the study by data analytics company Experian.
It had reported for almost 6,000 Asia Pacific consumers, including India, the report found that the majority (71%) value security as the most important element of online experience, followed by convenience (15%) and personalization (14%) in their businesses.
Sathya Kalyanasundaram the Country Managing Director of Experian India said, “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.”
The study also showed that 65% of the Indian consumers expect full transparency from their businesses about the use of their personal data.
The report called “2019 Experian Identity and Fraud Report: Asia-Pacific Edition” highlighted that trusted online relationships are based on businesses providing both a secure environment and seamless consumer experiences.
News Authored By Sarthak Verma
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