57% of all fraud incidents in India are ‘platform’ frauds: PwC India

More than half of all fraud incidents in India were ‘platform’ fraud, said a PricewaterhouseCoopers Private Limited (PwC) India report

More than half of all fraud incidents in India were 'platform' fraud, a novel form of economic crime that involves fraudulent activities associated with social media, e-commerce, enterprise and finTech platforms, said a PricewaterhouseCoopers Private Limited (PwC) India report on May 11.

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 per cent 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.

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PwC said it surveyed 111 organisations across India from diverse industries such as technology, financial services, banking and capital markets, consumer products and retail, education, and healthcare.

Puneet Garkhel, partner and leader, Forensics Services, PwC India, said Indian consumers and organisations have been rapidly embracing new platforms over the past few years.