This was revealed by FICO, a global analytics software company. Findings from the latest consumer fraud investigationhighlighted Singaporeans’ concerns about real-time payment fraud.
The survey found that 26% of Singaporeans fear being tricked into transferring money to criminals, exposing them to immediate and often irreparable financial loss.
Identity theft remains a prominent concern, with 25% of respondents citing it as their top financial crime concern. This type of fraud not only leads to financial loss, but also affects your credit score, making it difficult to restore your financial health.
Despite these concerns, there appears to be a gap between perception and reality. 36% of Singaporeans think it is unlikely that they will become a victim of identity theft, but only 15% believe it is possible and are confident that their identity has not been compromised. 17% do.
Notably, only 6% reported that stolen personal information was used to open a financial account, compared to higher rates in other countries such as India (13%) and Thailand (12%) It was just that.
When choosing a new financial services provider, Singaporeans prioritize strong fraud protection and ease of use.
34% of consumers consider good fraud protection to be most important, far more than ease of use at 23%.
Other factors such as good customer service, anti-money laundering policies, environmental practices, ethical use of data, fair treatment and value for money are considered less important.
Leo Chee Keung
“For banks, fraud prevention is increasingly seen as a selling point, rather than just a cost center.
Consumers are acutely aware that most theft threats exist online, making strong fraud protection a key factor in their decision-making process. ”
Mr Chee Keung Leo pointed out: FicoHead of Fraud, Security and Financial Crime in Asia Pacific.
The survey, conducted in November 2023, included 1,000 Singaporean adults and people from various countries including Canada, the United States, Brazil, Colombia, Mexico, India, Malaysia, Indonesia, the Philippines, Thailand, the United Kingdom, and Spain. Approximately 12,000 consumers participated.
Featured image credit: Edited from freepic
