Identity theft tops list of frauds, says Experian

Identity theft is the main reason for fraudulent transactions in the financial sector, says a report launched by Experian India.

“In India, identity theft accounts for 77 per cent of the Fraud Cases in Q1 2015. Among various financial products, auto loans, mortgage loans and credit cards have seen the largest number of fraud cases,” added the report.Read More.

Card protection plans suit frequent travellers

When an individual becomes a victim of card fraud, the issuer usually don't take any responsibility. The onus is on the cardholder to prove it didn't happen due to his or her negligence. Even approaching the police might not yield results. More than half these cases remain unsolved.

Card frauds will continue their relentless growth, according to McAfee Labs' 2016 Threats Predictions report. It says cyber criminals are directly targeting consumers, source of the credentials and weakest link in the payment process.