Recent research has shown that Jumiowhich provides AI-driven identity verification and compliance solutions, found that 78% of consumers in Singapore would be willing to change banks due to poor fraud protection.
of Jumio 2024 Online Identity Survey It highlights growing concerns among consumers about their banks’ ability to combat fraud, with 75% globally and 78% in Singapore saying they would switch banks because of these issues.
The survey of more than 8,000 adults across the UK, US, Singapore and Mexico revealed that 75% of consumers believe that their bank is ultimately responsible for protecting them from cybercrime and fraud.
These concerns are growing as deception techniques such as deepfakes and voice cloning become increasingly sophisticated.
Deepfake technology is frequently used to trick consumers into disclosing sensitive information, and is a major cause for concern.
In Singapore, 78% of respondents are particularly concerned about banks’ efforts to combat deepfake fraud, compared to the global average of 67%.
Additionally, 74% of Singaporeans call for stronger cybersecurity measures, higher than the global average of 69%.
Expectations are rising that financial institutions will offer strong fraud protection, and three-quarters of consumers expect to be fully reimbursed if they fall victim to cybercrime.
Anna Convery
“This data should be a wake-up call for banks and financial institutions – if they don’t protect their customers from fraud, they will transact elsewhere. As cybercriminals’ tactics become more sophisticated, it is becoming essential to fight AI with AI.”
Banks should implement multi-modal biometric authentication systems that layer biometrics and other advanced technologies to thwart deepfakes, detect camera injection and presentation attacks, and prevent stolen personal information from being used.”
Anna Convery, CMO at Jumio, said:
Featured Image Credit: Free Pick
