39% Indian families claim to be victim of online financial fraud: survey

Around 39% of families in a survey claimed to have experienced financial fraud in the last three years and only 24% of them got their funds back, LocalCircles said in a report.

Around 39% of families in a survey claimed to have experienced financial fraud in the last three years and only 24% of them got their funds back, LocalCircles said in a report on May 2.

The largest group of 23% respondents in the survey indicated to have experienced credit or debit card fraud while 13% indicated fraud by buying, selling and classified site users.

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As per the survey, 13% were defrauded by websites taking money for products that were not delivered, 10% indicated ATM card fraud, another 10% indicated bank account fraud and 16% mentioned other frauds.

"The data shows 30% of those surveyed had one member in the family who had been a victim of financial fraud while 9% indicated that multiple members in their family have been subject to financial fraud in the last three years. Of the remaining 57% were thankful they or their family members had escaped such an experience and 4% gave no clear response," online survey firm LocalCircles said in the report.

The firm said that the survey received nearly 32,000 responses from families located in 331 districts of India comprising 66% male respondents and 34% women.

About 39% respondents were from tier 1, 35% from tier 2 and 26% respondents were from tier 3, 4 and rural districts.