57% of all frauds in India are ‘Platform’ frauds: PwC India

Date:

Share post:

According to a PwC analysis, 57% Of Economic Crime Frauds Are ‘PlatformFrauds In India. These frauds are mainly based on digital platforms. The beginning of the pandemic has increased “platform frauds,” a new type of economic crime that comprises fraudulent actions connected to social media, e-commerce, business, and financial platforms.

Platform frauds accounted for 57% of all fraud instances in India. According to the second edition of PwC’s Global Economic Crime and Fraud Survey 2022: India Insights titled “Platforms: The new frontier of fraud in India,” more than 26% of Indian organizations lost more than $1 million due to platform fraud, and 44% of the perpetrators were discovered to commit fraud for financial gain.

E-commerce’s development and growth, contactless payments, home delivery options, remote employment, etc., have not only sparked a number of platform-based innovations but also provided new entrance points for scammers. In order to protect themselves, organizations need to be aware of these changing dangers and make the necessary investments in fraud prevention and detection techniques, according to Puneet Garkhel, partner and head of forensic services at PwC India.

The most frequent motivation found in such situations was financial gain. In India, 44% of those who committed such crimes claimed they did so to profit financially. 21% claimed they did it for a competitive advantage, while 32% claimed they did it to harm a brand.

Platform Frauds in India

Over 26% of Indian organisations lost $1 million due to platform fraud, 57% of all fraud incidents in India are platform frauds: @PwC India, Uma Kannan tweeted.

ALSO READ: Watch: 70-year old Odisha woman walks barefoot to collect her Pension

Newsletter Signup

Related articles from Tags

Mumbai: 32-year-old woman killed by live-in partner in Mira road

A 36-year-old woman was allegedly killed by her live-in partner and cut into many pieces with a...

Delhi: Serial killer raped & killed over 30 children, sentenced to life

On Tuesday, a Delhi court awarded life imprisonment to Ravinder Kumar, a serial killer who raped and...

Watch: Man stabbed 16 year girl 20 times in Delhi, arrested

Sakshi murder case: In a shocking incident, a man allegedly stabbed a minor girl to death and...

Hyderabad: Man kills live-in partner, stores chopped body parts in fridge

In a shocking incident, a 45-year-old man, Chandra Mohan from Hyderabad, allegedly kills live-in partner and cut...

Fact Check: EVMs found in BJP leader’s car destroyed in Karnataka

A video is going viral on social media where a group of people allegedly destroyed EMVs and...

Techie found hanging after he lost Rs.12 lakh to cyber fraud

Jadavath Aravind 38 years old, a software techie, who recently lost Rs.12 lakh to cyber fraud, was...

Actor Chrisann Pereira released from Sharjah Jail, Calls family in tears

Bollywood actor, Chrisann Pereria was released from Sharjah jail after allegedly being framed in a Drugs case,...

Wrestlers protest against WFI Chief, moves to SC for support

The Delhi Police started an investigation into allegations of sexual harassment leveled against Brij Bhushan Singh, the...

USA Hindu woman creates ruckus during Eid prayer, gets arrested

In a shocking video, a Hindu woman in Virginia, USA, invaded a mosque during the Eid prayer,...

DAV School rape case: Principal’s driver gets 20 year jail term

DAV School rape case: Hyderabad court on Tuesday sentenced Rajani Kumar a driver of DAV Public to...

Atique Ahemd’s son Asad and his aide Ghulam killed in UP encounter

Asad, son of Atique Ahmed, the most wanted in the Umesh Pal murder case, was shot down...

Delhi: Pregnant woman shot by neighbour over noise dispute, dies

In a tragic incident, a pregnant woman from Delhi, died after allegedly shot by her neighbour over...