The report attempts to discuss about the sophisticated online payment fraud mechanisms, threats in the payment ecosystem, incorporating better fraud prevention strategies, role of upcoming technologies, and recommendations for various stakeholders involved in the payment ecosystem. Digital Payments have been growing in India at a much faster pace than global markets and thus safeguarding payments for consumers, MSMEs, businesses is of utmost priority.
The e-commerce market in India is expected to grow to USD 200 billion by 2026 from USD 50 billion in 2018. UPI transactions in India have crossed 1.49 billion in volume and USD 41 billion in transaction value, in July 2020. The internet userbase is expected to grow to 835 million by 2023 from 560 million in 2018. As of March 31, 2019, 925 million debit and 47 million credit cards have been issued in India, second only to China. As a result of the above momentum, the growth of online shoppers is 73% in tier-I cities whereas a 400% in tier-II and tier-III cities.
The key challenges to safeguard frauds remain fraud detection, investigation and legislative challenges, multilevel awareness, cross-industry collaboration, security as a cost overhead, privacy laws, and organized criminal involvement, according to the report. Therefore, the report showcases how upcoming technologies like AI/ML, computer vision, NLP can come to the rescue. There is significant focus on recommendations for various stakeholders involved in the payment ecosystem.
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