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

Images: The Newsmen

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.

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