One in 3 Indians lost money to scams in 2024; high-value losses doubled

One in every three Indian consumers paid for goods, services or investments that were never delivered in 2024, according to a survey by Fico, an American data analytics firm.

 

Fico surveyed 1,000 Indian adults alongside approximately 11,000 consumers across 14 countries, examining their experiences with real-time payments (RTP), scams and banks’ ability to manage fraud.

 

Scam losses and banking concerns

 

Key survey findings:

1 in 3 Indian consumers faced RTP scam losses

45% prioritize improved bank fraud detection

34% paid for undelivered goods/services

High-value losses (Rs 8 lakh) doubled from 2% to 4%

 

The ‘2024 Scams Impact Survey: India’ found that 34% of respondents had paid for goods, services or investments they never received. Nearly half (45%) said improved fraud detection systems were the most important step banks could take to prevent scams.

 

Scams in India have become more frequent and severe, with financial losses rising.

 

“While fewer Indian consumers reported losses in 2024 compared to 2023, the percentage of high-value losses—those exceeding Rs 8 lakh ($9,200)—doubled from 2% to 4%,” said Dattu Kompella, managing director in Asia for Fico. “While 56% of losses were relatively small, under Rs 50,000 ($580), these amounts can still be devastating for many households.”

 

Growth of real-time payments

 

RTP usage continues to expand in India, with 98% of consumers having sent and 97% having received RTP transactions. The survey found that 79% plan to increase their RTP usage in the next 12 months, far exceeding the global average of 44%.

 

“RTP usage will continue to grow and diversify as more transactions happen among consumers, businesses and public sector entities,” said Kompella. “Yet, there is a pressing need for education on scams and the risks tied to irrevocable payments. Banks must leverage automation, clearly communicate risks and provide robust scam defences to protect Indian consumers.”

 

Consumers want banks to act

 

The survey found that 80% of Indian consumers expect banks to play a more active role in scam prevention. Many said they would view their bank more positively if it intervened in real time to block a suspected scam transaction.

 

“A bank’s ability to combat scams hinges on advanced technologies like AI-powered analytics, contextual decisioning and real-time customer engagement,” said Kompella. “These tools enable targeted warnings and automated actions, such as step-up authentication and transaction suspensions, to enhance scam prevention and protect customers effectively.”