70% victims of financial fraud in India 'never' get their money back, survey finds

Only 24% of families who claimed to have experienced financial fraud in the last three years actually received their money back, according to a survey by Local Circles that also stated that in 39% of Indian families have already been victims of cyber fraud.

The majority of survey participants—23%—said they had been victims of credit or debit card fraud, while 13% said users of classified and buying/selling websites had committed fraud against them.

According to the poll, 10 percent reported ATM card fraud, another 10 percent reported bank account fraud, and 16 percent noted other scams. According to the survey, 13 percent were cheated by websites demanding money for things that were not delivered.

The research reveals that 30% of individuals surveyed had one family member who had experienced financial fraud, and 9% said that their family had experienced financial fraud on many occasions over the previous three years.

In the poll, online survey company LocalCircles stated that 57 percent of the remaining respondents were grateful they or their family members had avoided such an incident and 4 percent had no clear answer.

According to the company, families from 331 districts in India provided approximately 32,000 responses to the survey, with 66% of respondents being men and 34% being women.

Approximately 39% of respondents came from Tier 1, 35% from Tier 2, 26% from Tier 3, and 26% from Tier 4 and rural districts.

When asked if the victims were able to get their money returned, 24 percent of the 11,305 responses revealed that they were, while 70 percent of respondents were unable to have their complaint resolved.

According to the data, 18% of people complained to the designated platform or entity and received their money back, whereas only 6% complained to the police and received their money back.

However, according to the report, “41% said that the “matter is still pending,” 17% felt helpless because “there was nowhere to turn,” 14% admitted that they decided not to even file a complaint, and 6% had no clear answer.

While the percentage of families reporting financial frauds has slightly decreased in 2023 compared to 2022 (the previous 3 years), a comparison with the response from last year’s survey reveals that the percentage of those reporting credit and debit card frauds has increased from 18% last year to 23% this year.

The report stated: “What is encouraging is that families who have reported financial frauds and were able to recover their funds have increased from 17 percent in 2022 to 24 percent in 2023 (previous 3 years), which shows that both the platforms or entities and the authorities are taking more timely and effective action than they did 12 months ago.

(With inputs from agencies)

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