A recent survey conducted by FICO, a leading provider of analytics technology, found that two-thirds of Indian bank customers expect banks to compensate them if they fall victim to scams. The survey, which included 11,000 consumers across 14 countries, including India, highlights the need for improved fraud prevention measures in the banking industry.
According to the survey, 57% of respondents believe that banks should improve their fraud detection systems, while 50% think that more warnings are necessary to prevent scams. Despite this, a majority of consumers (87%) report being satisfied with the way their banks handle scam resolution processes.
FICO’s Managing Director in Asia, Dattu Kompella, emphasized the importance of improving scam management, warning that consumer dissatisfaction with fraud handling could result in significant financial and reputational damage to banks. He noted that many consumers are willing to lodge complaints, escalate issues to regulators, or even switch banks if banks fail to effectively handle fraud cases.
The survey’s findings underscore the growing need for banks to prioritize fraud prevention and detection, as well as effective customer support and resolution mechanisms. By improving these measures, banks can not only maintain customer trust and satisfaction but also reduce the risk of financial and reputational losses. Ultimately, the survey’s results serve as a wake-up call for the banking industry to take concrete steps to address the growing concerns of consumers and ensure that they are adequately protected from fraud.