Singaporeans Lack Confidence in Ability to Spot Online Fraud, Revolut Survey Findsby Fintech News Singapore October 23, 2023
A recent survey by Revolut, a global neobank with over 35 million customers worldwide, found that over 20% of Singaporeans have experienced some kind of fraud when shopping online in the last six months.
Young people aged 18-34 years old were the most affected group (52%), while seniors aged 55-65+ were the least affected group (14%).
The most common fraud was buying a product which never arrived, followed by fake websites which stole customers’ card details and fraudulent sellers who stole customers’ money.
When asked if they are confident they would be able to spot a fake website or deal, 48% of Singaporeans said they are not confident or they don’t know. Men were more confident than women, with 57% of men saying they are confident compared to 47% of women.
85% of Singaporeans surveyed are also generally worried about the security of their money when they make online purchases.
In recent times, due to the increased sophistication of fraud prevention technologies used by businesses, fraudsters are shifting from ‘fraud’ to ‘scams’ .
Recent data released by the Singapore Police Force revealed a 64.5% increase in the number of scam victims in the first half of 2023 (22,339) compared to the same period last year (13,576). More than half (55%) of the victims lost up to S$2000.
In response to the rising threat of fraud, Revolut is investing in bolstering its talent pipeline to help tackle this issue. More than a third of Revolut’s workforce is now dedicated to fighting financial crime, with over 2,500 financial crime experts across 6 markets.
Revolut reported that it has prevented about S$335 million in potential fraud against its customers in the last 12 months.
Aaron Elliot Gross, Revolut Head of Financial Crime and Fraud said,
“At Revolut, we are focused on a data-driven and holistic approach to customer protection which brings together industry-leading technology, top fraud experts and new ways of educating our customers about how to protect themselves from scams.
We increasingly see fraud being perpetrated by sophisticated, organised and ruthless networks of criminals who target our customers primarily via social media platforms and use social engineering techniques (such as romance scams or investment scams) to convince them to make payments.”