28% rise in alleged fraudulent digital transaction attempts against businesses originating in India

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28% rise in alleged fraudulent digital transaction attempts against businesses originating in India

According to data released by global information company Transunion, there has been a 28 percent rise in alleged fraudulent digital transaction attempts against businesses originating in India during the pandemic year. According to the results, Mumbai had the most suspicious cases, followed by Delhi and Chennai.

Apart from problems on the jobs front, such as job losses and wage cuts, the pandemic and subsequent lockdowns resulted in a 7.3% contraction in GDP growth.

“Fraudsters are still searching for opportunities to profit from major world events. The COVID-19 pandemic, and the resulting rapid digital acceleration fueled by stay-at-home orders, is an unprecedented global occurrence in the digital age “Transunion India’s executive vice president and head (fraud solutions), Shaleen Srivastava, said.

According to a company release, the rate of digital fraud attempts against companies from India increased 28.32 percent in the year to March 10, 2021, the one-year anniversary of WHO announcing the COVID-19 pandemic, compared to the year before.

According to an official statement, the organization reached its conclusions about market fraud based on data from billions of transactions and more than 40,000 global websites and applications. According to Srivastava, the battle against coronavirus has also resulted in a fight against digital fraud.

From an industry standpoint, the logistics sector had the largest rise in alleged fraud attempts, with a 224 percent increase, led by telecom (200 percent increase) and financial services (200 percent increase) (89.49 percent ). According to an official statement, the organization reached its conclusions about market fraud based on data from billions of transactions and more than 40,000 global websites and applications.

According to Srivastava, the battle against coronavirus has also resulted in a fight against digital fraud. From an industry standpoint, the logistics sector had the largest rise in alleged fraud attempts, with a 224 percent increase, led by telecom (200 percent increase) and financial services (200 percent increase) (89.49 percent ).


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