Majority of fraud cases in retail financial transactions are due to identity theft. These accounted for about 77% of all detected fraud cases in the first quarter of 2015, according to a report, Fraud Report 2016, by Experian India, a credit information agency. Experts agree that as use of Internet increases in day-to-day financial affairs, cybercrime is also increasing.
“According to KPMG’s Cybercrime Survey Report 2015, cybercrime has dramatically evolved in nature and scope in the last few years with cybercrime syndicates using tools of online deception such as spoofed emails for speak phishing attacks, and spam emails with malware to attack enterprises,” said Suveer Khanna, partner-forensics, KPMG in India. This study also revealed that 63% of the over 250 respondents (senior management) indicated that crimes resulted in financial loss while 55% said sensitive information was stolen.
