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17% of Indians store financial passwords unsafely, making them vulnerable to data theft and fraud.
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53% of respondents have experienced financial fraud, with credit/debit card fraud being the most common type.
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97% of respondents have shared personal identification documents, making their data more vulnerable to theft and misuse.
A recent survey by LocalCircles has revealed that India’s financial data security is at risk due to unsafe practices among citizens. The findings show that 17% of Indians store their financial passwords in easily accessible locations, such as notes or contact lists, making them highly susceptible to data theft and financial fraud. Additionally, 34% of respondents share their financial passwords with others, further increasing the risk of unauthorized access.
The survey also highlights the extent of financial fraud in India, with 53% of participants reporting that they or someone in their family has experienced financial fraud in the past five years. The most common types of fraud include credit/debit card fraud, UPI fraud, and bank account fraud. The widespread sharing of personal identification documents, such as Aadhaar cards and PAN cards, also makes personal data more vulnerable to theft and misuse. The Reserve Bank of India has reported a significant increase in bank frauds and digital frauds over the past two years, emphasizing the need for robust data protection laws in India.
