MAM
Online shopping scam victims down to 74%: Report
Mumbai: The number of online scams and frauds drastically increased during the Covid-19 pandemic. However, a recent report revealed that the percentage of online shopping scam victims has come down to 74 per cent globally compared to 78 per cent in 2020.
Online retailers came across various fraud schemes in 2021. Among all the fraud schemes, “friendly fraud” scheme was by far the most prevalent. According to Banklesstimes.com analysis, the emergence of e-commerce during the pandemic increased the possibility of fraudulent activities. “About three-quarters of online traders globally have reported a net increase in fraud attempts since 2019,” said the report.
In a statement, Banlesstimes.com’s Jonathan Merry said, “The number of victims is reducing. The restoration of normalcy after Covid-19 might be a factor. Now, retailers are also cautious, thus making it difficult for fraudsters to pull off their scams.”
According to the data, the highest number of online fraud activities were recorded in Latin America and Asia-Pacific regions.
Because of the presence of online fraudsters, the need for online retailers to manage these attacks has never been greater. So far, more than nine out of ten businesses believe that combating E-commerce fraud is essential to their success.
MUMBAI: In India’s fast-moving payments race, Visa has just swiped in a new leader. The company has named Suresh Sethi as its India country head, marking a key leadership shift as it sharpens its focus on digital payments growth in the market. Sethi steps into the role following his recent exit from Protean eGov Technologies, where he served as chief executive officer. He succeeds Sandeep Ghosh, who has moved on after more than four years at Visa to pursue an external opportunity.
The appointment comes at a time when Visa is doubling down on its expansion strategy across India and the wider region, deepening partnerships and accelerating adoption in an increasingly competitive digital payments ecosystem.
Sethi brings with him a broad, cross-market perspective shaped by decades of experience across corporate banking, retail financial services, mobile money and large-scale government technology initiatives. He began his career at Citigroup, where he spent 14 years working across India, Africa, South America and the United States, focusing on transaction banking services within the corporate bank.
His appointment signals a blend of institutional experience and market familiarity qualities that could prove critical as Visa navigates a landscape where fintech innovation, regulatory evolution and consumer adoption are all accelerating at once.
As digital payments in India continue to scale rapidly, the leadership change underscores a simple reality, in a market where every tap, scan and swipe counts, who leads the charge can matter just as much as the technology itself.
