Two-thirds of bank customers in India expect reimbursement for scam losses: Survey

A recent survey conducted by US-based global analytics software firm FICO has revealed that two-thirds of bank customers in India expect banks to reimburse scam victims and implement better fraud detection systems to protect them.

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The survey, which polled 11,000 consumers across 14 countries, including India, found that 66 per cent of Indian consumers believe banks should always reimburse scam victims. Additionally, 57 per cent of consumers want banks to set up better fraud detection systems, while 50 per cent expect more scam warnings.

The survey report, titled “2024 Scams Impact Survey: India”, also found that 37 per cent of consumers would hold banks accountable if they fell victim to a scam. However, 87 per cent of consumers were satisfied with the scam resolution process.

Dattu Kompella, Managing Director in Asia for FICO, stated that Indian consumers expect their banks to take the lead in combating fraud. He added that dissatisfaction with scam handling can be costly for banks, both financially and reputationally.

According to the survey, 56 per cent of consumers would lodge a complaint with their bank, while 30 per cent would escalate the issue to regulators. Another 3 per cent would switch banks entirely.