According to a poll, 39% of families indicated they had been victims of financial fraud in the previous three years, but only 24% of those families received their money back, according to a research released on Tuesday by LocalCircles.
The majority of poll participants—23%—said they had encountered credit or debit card fraud, while 13% said it had been committed by users of classified and other online marketplaces.
According to the poll, 10% reported ATM card fraud, another 10% reported bank account fraud, and 16% highlighted additional scams. According to the survey, 13% were cheated by websites collecting money for goods that were not delivered.
According to the research, 30% of those asked had a family member who had experienced financial fraud, and 9% said their family had experienced fraud on many occasions over the course of the previous three years. In the research, online survey company LocalCircles said that 4% of respondents lacked a clear answer while the rest 57% expressed gratitude for avoiding the situation for themselves or a family member.
According to the company, the poll garnered close to 32,000 answers from households in 331 districts throughout India, 66% of whom were males and 34% of whom were 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 whether the victims were able to get their money returned, 24% of the 11,305 replies revealed that they were, while 70% of respondents were unable to get their complaint resolved.
According to the statistics, 18% of people complained to the specified platform or company and received their money back, while 6% complained to the authorities and received their money back.
However, according to the report, 41% said the “matter is still pending,” 17% felt helpless and said they had nowhere to turn, while 12% of respondents said they had chosen 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.
According to the report, “what is encouraging is that the percentage of families who have reported financial frauds and were able to recover their funds has increased from 17% in 2022 to 24% in 2023 (previous 3 years), which shows that both the platforms or entities and the authorities are taking more prompt and effective action than they did 12 months ago.