Two in 3 customers want banks to reimburse scam victims; boost safety measures: Survey

Mumbai: Every two in three bank customers polled in India expect banks to reimburse scam victims and more than half of consumers want financial institutions to set up better fraud detection systems to protect them, says a survey.

US-based global analytics software firm FICO's survey was conducted in 2024 in which 11,000 consumers across 14 countries including India were polled about their experiences regarding real-time payments usage, scams, and their banks' scam management capabilities.

The survey report by FICO on consumer expectations from banks to combat the threat of scams found that more than a third (37 per cent) of consumers would hold banks accountable if they fell victim to a scam.

"The '2024 Scams Impact Survey: India' reveals that two in three Indian consumers (66 per cent) think banks should always reimburse scam victims. Over half of consumers say better fraud detection (57 per cent) and more scam warnings (50 per cent) are key ways banks can protect them," the report said.

However, the survey found that 87 per cent of consumers are satisfied with the scam resolution process.

"Indian consumers expect their banks to take the lead in the fight against fraudsters," said Dattu Kompella, Managing Director in Asia for FICO.

"When customers are dissatisfied with how a scam is handled, their response can be costly for banks' both financially and reputationally," he added.

The survey found that more than half (56 per cent) will lodge a complaint with their bank, while 30 per cent will escalate the issue to regulators. Another 3 per cent will switch banks entirely.