Sharp Surge in Cybercrime And Usage of Digital Wallet During Pandemic: FIS

NEW DELHI: Online consumers have become more vulnerable to cybercriminals, with 34% reporting financial fraud in the last 12 months. The latest finding of the FIS PACE survey this figure jumped to 41% among Generation Y (age group 25-29 years).

According to the latest findings, there has been a considerable increase in financial frauds throughout the pandemic, with customers increasingly adopting online choices for transactions.

The most common type of financial crime was phishing, followed by QR code, UPI scams, however, consumers also became victims of card scams and skimming.

According to the survey conducted by financial technology provider FIS, the COVID-19 pandemic has accelerated the adoption of digital payments in India, with 68 per cent of Indian customers now using online or mobile banking apps to perform financial transactions.

Bharat Panchal, Chief Risk Officer, APMEA, FIS said, “The pandemic has led India to a new phase of digital payments adoption. To be successful, it’s vital that the banking sector provides technology-centric strategies which meet the diverse preferences of consumers’ rapidly changing habits, while also driving financial inclusion for underserved communities around the country.”

The FIS PACE survey of Indian people was conducted in both June 2020 and April 2021, and it examines how the pandemic has affected consumers’ wallets. According to the survey, the pandemic has caused consumers to switch from cash and cheques to digital payments.

The survey finding highlighted that approximately 68 per cent of consumers use mobile payment apps to make payments, with 94 per cent of Gen Z consumers owning mobile wallets.

During the pandemic, Buy Now, Pay Later (BNPL) apps have grown in popularity, particularly among younger people. On average, 32% of consumers hold a BNPL app, and the majority of them choose Amazon or Flipkart’s BNPL option.

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