Indian Consumers Demand Stronger Anti-Scam Measures from Banks

A survey by FICO found that two-thirds of Indian bank customers expect reimbursement for scam victims, while over half desire better fraud detection. The survey polled 11,000 consumers in 14 countries in 2024. Despite expectations, 87% of consumers are satisfied with the current scam resolution process.

A recent survey reveals that two-thirds of Indian bank customers expect banks to compensate scam victims, according to a report by FICO. Conducted in 2024, the survey included 11,000 consumers across 14 countries, spotlighting the need for stricter fraud prevention measures.

The '2024 Scams Impact Survey: India' highlights consumers' increasing demand for improved fraud detection systems, with 57% of respondents urging banks for better scam detection and 50% calling for more warnings. Despite these demands, 87% of consumers report satisfaction with their current scam resolution processes.

FICO's Managing Director in Asia, Dattu Kompella, emphasized the importance of improving scam management. He warned that consumer dissatisfaction with fraud handling could result in significant financial and reputational damage to banks, as numerous consumers are willing to lodge complaints, escalate issues to regulators, or even switch banks.

(With inputs from agencies.)