New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

One in four consumers have fallen victim to online fraud in Asia Pacific

One in four consumers have fallen victim to online fraud in Asia Pacific

Consumers surveyed in six APAC markets are most vulnerable to online fraud on social media sites, a new Experian report shows

 

SINGAPORE, 21 June 2022: 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. This is slightly higher than global figures, where nearly 1 in 4 (23%) consumers have also experienced similar incidents.

 

There are varying levels of concern by consumers who were surveyed in the APAC markets. While 45% of Indian consumers are very concerned about fraud and identity theft, only 9% of Chinese consumers feel the same way. Meanwhile, 26% of Singaporean consumers are very concerned about fraud incidents.

 

The report also found there is a significant impact on both monetary and reputational damage for fraud victims – 5% of APAC consumers shared that at least one of the fraud incidents they encountered has resulted in substantial monetary or reputational damage. Meanwhile, 8% of respondents’ friends and family also suffered substantial monetary losses due to fraud incidents.

 

Consumers are most vulnerable to fraud on social media sites and apps

 

The report found that consumers are most vulnerable to fraud on social media sites and apps, with consumers surveyed in APAC experiencing the most fraud incidents across these platforms. This is exceptionally high in Indonesia, where more than half (51%) have experienced fraud incidents on social media sites.

 

Consumers rely on businesses to keep them protected – but whose responsibility is it?

 

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.

 

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.

 

Growing consumer ease and trust in advanced forms of digital recognition

 

A seamless digital experience continues to be a priority for APAC consumers, who trust businesses more if they can recognise them on a repeated basis without additional layers of verification. In fact, 94% of Malaysian consumers surveyed – the highest in APAC – are extremely to somewhat trusting of businesses that can provide a seamless customer journey by recognising their online identity repeatedly.

 

The report also showed an increased dependency on advanced technology such as artificial intelligence (AI) – two thirds (67%) of APAC consumers have interacted with AI powered chatbots or virtual assistants in the past six months. Overall, APAC consumers are becoming more comfortable with businesses leveraging AI – with 64% of India respondents – the highest in APAC – much more and somewhat likely to trust AI more than humans.

 

“Maintaining a safe and secure online experience is a shared responsibility between consumers and businesses. 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. Experian is committed to supporting businesses with innovative solutions to swiftly address emerging fraud threats and prevent identity fraud risks,” says Luciano Scalise, Decision Analytics Managing Director EMEA & APAC, Experian.

 

In the 2022 Global Identity and Fraud Report, Experian explored the growing expectation for businesses to recognise and protect consumers online, and the challenges businesses face in meeting this expectation. The survey underpinning these insights encompassed 1,849 business respondents and 6,062 consumers from 20 countries, including Australia, Brazil, China, Chile, Colombia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, The Netherlands, Norway, Peru, Singapore, South Africa, Spain, UK, and US. There were also interviews with consumers from Brazil, Germany, the UK, and US.

 

The Experian Global Identity and Fraud Report can be downloaded here.

 

 

Read full article

Experian

By Experian 06/21/2022

Related Articles

Experian outlines its ESG commitments publishing new global reports focused on financial inclusion, diversity and performance with purpose
Experian outlines its ESG commitments publishing new global reports focused on financial inclusion, diversity and performance with purpose

Experian is a company built on purpose. Every day we help people make the most of their data to improve their financial lives. This is what drives us.

Learn more
Mobile wallet use rivals traditional payment methods in APAC
Mobile wallet use rivals traditional payment methods in APAC

APAC consumers continue to embrace online experiences as economies learn to co-exist with the pandemic, but businesses still need to improve their digital experience to retain consumer trust, Experian report…

Learn more
Experian full-year results FY22
Experian full-year results FY22

7am, 18 May 2022 – Experian plc, the global information services company, today issues its financial report for the year ended 31 March 2022.

Learn more
Please complete the form below to submit a request. We will ensure a member of our team is in touch shortly.

  • Submit