57% of all scams in India are platform frauds, says PwC

New Delhi, May 12, 2023

More than half of all fraud incidents in India were ‘platform’ frauds, a novel form of economic crime that involves fraudulent activities associated with social media, e-commerce, enterprise and finTech platforms, said a PwC India report on Thursday.

The onset of the pandemic has led to an increase in platform fraud, said the second edition of PwC’s Global Economic Crime and Fraud Survey 2022: India Insights, titled ‘Platforms: The new frontier of fraud in India’.

“The surge in remote work, e-commerce, delivery applications and contactless payments has further contributed to the rise of this type of fraud. 57% of all fraud incidents in India were platform fraud,” it said. It further said more than 26% of Indian organisations lost over $1 million due to platform fraud, and 44% of the perpetrators were found to commit fraud for financial gain. PwC said it surveyed 111 organisations across India from diverse industries.

[The Economic Times]