Nearly half of businesses say fraud is a high concern but just 25% of Singaporeans say their expectations are being met
A new survey by Experian has found that a quarter of consumers across Asia Pacific (APAC) have been victims of online fraud, but across all markets surveyed in the region, many remain unconcerned about fraud and identity theft amidst today’s growing fraud risk due to digitisation.
In the six APAC markets surveyed (Australia, China, India, Indonesia, Malaysia, and Singapore) in Experian’s Global Identity & Fraud Report, consumers in China and India appeared to be especially vulnerable, with 29% of consumers in each market having been the victim of online fraud.
Four in five APAC consumers (80%) expect businesses to take the necessary steps to protect them online, reflecting global trends where nearly three-quarters of consumers expect businesses to do so.
While consumers are starting to view online security as a legitimate trade-off for businesses collecting their personal data, they expect businesses to protect them from online threats that are too complex for consumers to handle.
Businesses globally are acknowledging the growing risk of fraud – with nearly half of all business respondents reporting that fraud was a high concern, and more than half of survey respondents from retail banking, credit card networks and consumer lending specialists categorising their fraud concerns as high.
“Maintaining a safe and secure online experience is a shared responsibility between consumers and businesses,” said Luciano Scalise, decision analytics managing director EMEA & APAC, Experian.
“Consumers need to be aware of the risks they face online and practise good cyber hygiene. Meanwhile, businesses can leverage orchestration solutions to connect recognition, fraud prevention and their customer experience, and take advantage of a single platform to bring all their tools and data sources together.
”This allows them to adapt to changing risks and improve their customer journey. It’s all about striking a fine balance in keeping their customers protected whilst ensuring a seamless digital experience.”
While businesses are taking action to protect against fraud, there remains a gap between consumer expectations and the digital experience businesses can offer.
Only 26% of Singaporean consumers who were interviewed feel that businesses have met their expectations when it comes to a digital experience, and 59% still do not feel secure when transacting with a business online.