India's Battle Against APP Scams: A Growing Digital Threat

Authorized push payment (APP) scam losses in India have reached INR 37,309 million in 2023 and are expected to grow at a 6% CAGR by 2028. The Scamscope report highlights the rise of scams, driven by AI advancements. India is implementing measures, like the Sanchar Saathi portal, to combat the issue.

India is facing a significant rise in authorized push payment (APP) scam losses, with reported figures reaching INR 37,309 million in 2023. According to the latest Scamscope report by ACI Worldwide and GlobalData, these figures are projected to grow at a 6% CAGR, hitting INR 49,626 million by 2028.

APP scams involve deceiving individuals into transferring payments to accounts controlled by scammers, often posing as trusted figures. The report identifies impersonation scams as the most prevalent in India, contributing to 21% of all APP scams and advancing in complexity and value.

Despite being a high-risk market, India is actively combating APP scams through initiatives like the Sanchar Saathi portal, which helps block unauthorized SIMs and report fraud. The rise of AI in scams presents new challenges, yet India's proactive stance may serve as a model for global real-time payment security.

(With inputs from agencies.)