64% Of Indians Faced Increased Losses From Fraud, Shows Experian Study
Rising identity theft and fraud have increased the risk for senior citizens already grappling with various age- and technological-related awareness issues.
Rising identity theft and fraud have increased the risk for senior citizens already grappling with various age- and technological-related awareness issues.
Increased Losses
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As online fraud and data theft increase, senior citizens limited by age-related issues and lack of technological knowledge could be sitting ducks for such attacks. A study by Forrester Consulting, commissioned by Experian, a leading global information services provider, shows that 64 per cent of respondents experienced increased losses in fraud incidents over the past year, while 67 per cent grappled to keep pace with evolving threats. This spike in fraud shows senior citizens’ increased risks, given they are the most vulnerable among other age groups.
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The study attributed the cause of increased fraud to ongoing consumer financial strain, data breaches exposing private information to the dark web, and publicly accessible Generative Artificial Intelligence (AI) enabling criminals to exploit the loopholes and commit fraud with increased losses.
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It noted that attacks like “synthetic identity attacks,” which blend actual and fraudulent information to create new identities, are becoming more frequent, mainly in the financial services industry. Attacks involving account takeover and identity theft come right after this. Friendly fraud attacks, in which consumers contest valid charges, have also increased for people in the E-commerce space, closely followed by identity fraud.
The study noted that effective use of AI and machine learning (ML) technologies can help prevent fraud. It said these cutting-edge solutions allow rapid analysis of extensive datasets, promptly identify irregularities, and decode fraudulent patterns. This approach will safeguard businesses and is essential in protecting the financial ecosystems.
According to the study, enhancing ML models’ comprehension and simplification of the jargonised language ranks highest among fraud-related priorities, demonstrating the growing significance of ML in fraud prevention. The study said that transparent machine learning methods facilitate human supervision, enabling the detection of possible fraud threats.
Commenting on the report, Manish Jain, Country Managing Director of Experian India, said in a press release on Tuesday, “As technology advances, the landscape of fraud undergoes shifts, creating new complexities. The rise of advanced technology transforms fraud dynamics, challenging established securities and breaking down barriers. Addressing this challenge requires a potent solution–AI. Unlike traditional methods, AI excels in swift adaptation and real-time analysis, actively defending against ever-changing threats.”
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The Ayushman Bharat scheme provides health insurance cover of Rs 5 lakh per family annually for secondary and tertiary care hospitalisation to 55 crore individuals, or 12.34 crore families.
The Finance Ministry has barred the Employees’ Provident Fund Organisation (EPFO) from announcing interest rates without prior approval.
The programme offers attractive packages starting from Rs 90,000 plus GST, which is subsidised by the Uttarakhand government.
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