In platform frauds, the perpetrators use social media, e-commerce platforms, enterprise platforms and fintech apps to commit theft and other economic crimes.
The main method through which these frauds were committed was fraudulent access to the platforms. Sixty-four per cent of frauds took place through this method. Under this method, 42 per cent of cases were done through identity theft or account takeover, 25 per cent through device theft or cloning and 19 per cent via making a duplicate or synthetic ID.
Amongst the motives identified in such cases, financial gain was the most prevalent. Forty-four per cent of perpetrators in India engaging in such activities said they did it for monetary gain. Thirty-two per cent did it to damage a brand, and 21 per cent said they did it for competitive advantage.
The report stated that 99 per cent of fraud incidents in the past 24 months have been on platforms such as financial, social media, goods, enterprises, media sharing, knowledge sharing and services.
Financial frauds on transactions made to or from platforms accounted for 89 per cent of all platform frauds. “These frauds vary from basic unauthorised digital purchases to more complex identity theft and triangulation fraud,” the report said.
“Organisations need to be cognizant of these evolving threats and adequately invest in fraud prevention and detection strategies to safeguard themselves,” Garkhel added.
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