NEW DELHI— January 29— 2025 

A new survey by global analytics software leader FICO highlights the growing threat of scams in India’s real-time payments (RTP) ecosystem. The ‘2024 Scams Impact Survey: India’ reveals that one in three Indian consumers reported losing money to scams via RTP, with 34% paying for goods, services, or investments that they never received. Nearly half of Indian consumers (45%) identified improved fraud detection systems as the most critical action banks can take to enhance scam prevention.

The survey reveals a sharp rise in both the frequency and severity of scams in India, alongside alarming trends in financial losses.

“While fewer Indian consumers reported losses in 2024 compared to 2023, the percentage of high-value losses—those exceeding ₹800,000 (USD$9,200)—doubled from 2% to 4%,” said Dattu Kompella, managing director in Asia for FICO. “While 56% of losses were relatively small, under ₹50,000 (USD$580), these amounts can still be devastating for many households.”

The findings emphasize the urgent need for proactive fraud detection and customer engagement as scams increasingly impact Indian consumers. 60% reported exposure to messages from scammers, and 54% said friends or family members had been scammed.

RTP continues to gain traction in India, with 98% of consumers having sent and 97% having received RTP transactions. Additionally, 79% plan to increase their RTP usage in the next 12 months, far surpassing the global average of 44%.

“RTP usage will continue to grow and diversify as more transactions happen among consumers, businesses and public sector entities,” added, 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.”

The survey also highlights that Indian consumers strongly believe banks should play an active role in preventing scams. In fact, 80% stated they would view their bank more positively if it intervened in real time to prevent a suspected scam payment.

“A bank’s ability to combat scams hinges on advanced technologies like AI-powered analytics, contextual decisioning and real-time customer engagement,” concluded 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.”

FICO’s survey was conducted in 2024 by an independent research company. 1,000 Indian adults were surveyed, along with approximately 11,000 other consumers across 14 countries exploring their experiences regarding RTP usage, scams, and their banks’ scam management capabilities.