FICO's latest global consumer fraud research revealed that Singaporeans worry about being tricked into sending money to criminals (26%). Moreover, 25% of Singaporeans cite identity theft as their top financial crime concern.
"The rapid adoption of real-time payment in Singapore has made the country a key target for scammers in the region," said CK Leo, FICO's lead for fraud, security, and financial crime in Asia Pacific. "Amidst Singaporean's growing concerns about payment scams and as the adoption of real-time payments surges, we're witnessing a transformative shift in financial behaviour. Yet, with rapid digitisation comes an urgent need for heightened vigilance against fraudsters lurking in the digital realm."
Identity theft
About 36% believe it unlikely they've been a victim of identity theft, 15% think it is possible, and 17% are confident in securing their identity. Only 6% of respondents reported that their stolen identity was being used to open a financial account.
"Identity theft can leave its victims with substantial financial losses, underscoring the need for financial institutions to heighten fraud awareness and bolster proactive measures. A key first step is to break down silos and integrate identity verification and fraud detection processes. This will allow financial institutions to streamline applications and bolster trust in legitimate customers," added Leo.
Fraud protection and convenience
Singaporean consumers ranked good fraud protection (34%) and ease of use (23%) as the most important qualities.
"Fraud protection is increasingly seen as a selling point rather than just a cost center for banks. Consumers are highly aware that most theft threats are now online, making robust fraud protection a critical factor in their decision-making process," said Leo.