Increasing adoption of digital payment has led to an increase in cyberattack and frauds. The survey, which had 1,000 participants, found that 31% have been recently targeted by a card or digital payments fraud themselves or know someone who has been. About 17% of these incidents were reported in the last one month.
Besides being concerned, they are becoming more cautious with 28% saying they are now more careful while making digital payments.
In case of a fraud, 60% said they would turn to their banks while a mere 12% would first go to police.
“It is encouraging that consumers are showing heightened awareness of digital payments fraud and a willingness to adapt behaviours. It appears that anti-fraud and security measures implemented by banks are also widely acknowledged and understood, and that banks are still seen as the trusted source of support against fraud," Kaushik Roy, vice president & country leader – South Asia, ACI Worldwide said in a statement.
The survey also found that 75% recognise one-time password (OTP) as a key anti-fraud mechanism, while 55% appreciated the importance of two-factor authentication.
The survey also delves into changes in payment habits since the outbreak. It shows that 75% of participants use digital payments at least once a week and 44% have used them almost every day. Only 3% are still completely dependent on cash payments and have never used digital payment.
Acceptance of digital payments by merchants is a lesser concern now with only 19% worrying about it during covid-19 as against 23% from another survey by ACI Worldwide in October 2019.
When quizzed about the type of digital payment frauds that bug them the most, 52% said they felt fake apps and websites are the biggest risks, while 43% expressed concerns about compromised password and payment credentials. About 39% were worried about spyware and malware, while 29% see card cloning as a huge risk and 22% are concerned about card thefts.
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