One third people in India lose money to scams via real-time payments: Report

Mangalore Today News Network

Mumbai, January 28, 2025: More than one-third of people surveyed have reported losing money to scams through real-time payments, according to a report.

Highlighting the growing threat of scams in India’s real-time payments (RTP) ecosystem, 34 per cent of respondents reported paying for goods, services or investments that were never delivered, according to the report by global analytics software company FICO.

The report stated that 60 per cent of respondents reported exposure to messages from scammers, and 54 per cent said friends or family members had been scammed. "While fewer Indian consumers reported losses in 2024 compared to 2023, the percentage of high-value losses - those exceeding Rs 800,000 - doubled from 2 per cent to 4 per cent," said Dattu Kompella, managing director in Asia for FICO.

"While 56 per cent of losses were relatively small, under Rs 50,000, these amounts can still be devastating for many households," the report said.

Around 45 per cent of Indian consumers identified improved fraud detection systems as the most important action banks can take to protect them from scams.

"RTP usage will continue to grow and diversify as more transactions happen among consumers, businesses and public sector entities," added Kompella.

FICO’s survey was conducted in 2024 by an independent research company. Around 1,000 Indian adults were surveyed, along with approximately 11,000 other consumers across 14 countries.