117150Deepfake videos by top bosses of NSE and BSE circulating on net!

We have entered the second half of 2023, and it is now officially India’s festival and shopping season. According to a report by PwC Global, 65% Indians plan to increase their online shopping sprees over the next 6 months. About three in every 10 Indians are willing to buy directly from the brand, as opposed to purchasing via intermediaries like Amazon, Flipkart and more.

Leading the direct to consumer (D2C) bandwagon are full time working millennials (about 70%). About 85% of them also noted that they are going to increase their spendings in as many as 11 product categories for the remaining year. 

Moreover, consumers are becoming increasingly savvy. The same survey noted that five out of every 10 consumers continually track the product prices and reviews via smartphones and social media. In order to save on money, one out of every three consumers are now looking to purchase products via a subscription model. Taking the lead in this segment are millennials, who prioritize categories like health, well-being clothing, fashion and more. 

Be careful

All your astuteness would go for a toss if you are not careful transacting online. As season-end, festive sales begin to take centerstage, it is important to stay financially judicious and not go overboard on spending. 

Says Dhiren .V. Dedhia, Head – Enterprise Solutions, CrossFraud, ”According to various estimates, the cost of e-commerce fraud to merchants is expected to exceed $48 billion this year, globally. India’s e-commerce market is expected to reach $1 trillion by 2025. The growing popularity of online shopping is accompanied by a surge in opportunities for cybercriminals to scam online businesses and their customers. 

Data breaches have emerged as a significant issue for both businesses and customers. Sensitive personal information such as credit card numbers, passwords, etc. could be exposed to criminals, leading to identity theft or credit card fraud. In fact, the average cost of successful e-commerce fraud in India is expected to reach $10,000 this year, up from $5,000 in 2022. Further, 57% of all fraud incidents in India are ‘platform fraud,’ associated with social media, e-commerce, enterprise and fintech platforms”, he continued. 

Dhiraj Gupta, Co-Founder and CTO, mFilterIt, notes that while this is the best time for customers to leverage best deals and discounts available, it is also a good time for fraudsters to trap innocent victims. 

“The fraudsters impersonate renowned brands and leverage various advanced-level phishing techniques to keep the users in the dark and steal their money. Fraudsters promote fake coupons and “too good to be true deals” to attract users to their websites. Once the user has punched their details or placed an order, they are often led to a fraud trap.  As a result, they lose money and also access to their personal information which can be used for other fraudulent activities. The fraudsters also use other techniques like impersonated websites, counterfeit products and misleading advertisements to lure users. “

“To avoid being a victim of these well-orchestrated frauds, curious shoppers need to be vigilant shoppers during the sale season. When shopping online during the sale period, shoppers need to ensure they don’t fall into the trap of “too good to be true deals” and click on any suspicious link. They should also ensure that they shop from only “trusted” brands. Don’t let fraudsters play with your trust and steal your money during this sale season”, he signs off.