Fraud Attempts Against Businesses in India Doubled in Covid-19 Lockdown, US Firm Finds

The company depended on its fraud prevention solution which looked at intelligence from billions of transactions and more than 40,000 websites and apps, it said in a statement. “With the rush for businesses to go digital as many were forced to go completely online almost overnight, fraudsters tried to take advantage,” said Shaleen Srivastava, head of fraud, solutions and alternate data at TransUnion in India.

The fraudsters were most likely unsuccessful in executing their designs because of the security measures adopted by businesses, Srivastava said. However, in the consumers segment, fraudsters are using COVID-19 to prey on unsuspecting people. From a sectoral perspective, financial services and logistics companies witnessed the highest percentage increase in suspected fraudulent digital transactions coming in India, Srivastava said.