Mobile Wallet Fraud Set to Rise in India: Deloitte
Thursday, August 13, 2015
As E-commerce firms continue to become popular and more people have started using online payments, frauds in mobile payments too are increasing, said a report from Deloitte India.
Globally fraud loss in the telecom industry is about 2% of the total revenues or around $46 bn. India would soon reach there the report pointed out. According to the Deloitte report there are fraud risks that exist in every mobile money service around the world, however they can differ based on market dynamics. “It is therefore prudent to determine key fraud risks across touch points in the mobile payment ecosystem that may impact the Indian market. The below table highlights the key globally observed fraud risks, that are likely to impact India in the future as the domestic market grows,” the report said.
The report states that the there are mainly six type of mobile frauds. These include phishing fraud, cyber attack, access to wallet (mobile wallet) through unauthorized SIM SWAP, fake KYC, commission frauds by agents and application manipulation by authorized user.