Identity Theft, Real-Time Payment Scams Top Concerns for Singapore Consumers

Identity Theft, Real-Time Payment Scams Top Concerns for Singapore Consumers

by May 21, 2024

FICO, a global analytics software firm, has revealed findings from its latest consumer fraud research, highlighting concerns among Singaporeans regarding real-time payment scams.

The study shows that 26% of Singaporeans fear being tricked into sending money to criminals, exposing them to immediate and often irretrievable financial losses.

Identity theft remains a prominent worry, with 25% of respondents citing it as their top financial crime concern. This type of fraud not only leads to financial loss but also affects credit scores and complicates the restoration of financial integrity.

Despite these concerns, there appears to be a gap between perception and reality. While 36% of Singaporeans believe they are unlikely to fall victim to identity theft, only 15% consider it a possibility, and 17% are confident their identity has not been compromised.

Notably, only 6% reported their stolen identity being used to open a financial account, compared to higher rates in other countries such as India (13%) and Thailand (12%).

When choosing new financial service providers, Singaporeans prioritise strong fraud protection and ease of use.

Good fraud protection is deemed most important by 34% of consumers, significantly ahead of ease of use at 23%.

Other factors like good customer service, anti-money laundering policies, environmental practices, ethical data use, fair treatment, and value for money are considered less critical.

Chee Keong Leo

Chee Keong Leo

“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,”

noted Chee Keong Leo, FICO’s lead for fraud, security, and financial crime in Asia Pacific.

The survey, conducted in November 2023, involved 1,000 Singaporean adults and approximately 12,000 consumers from various countries, including Canada, the U.S., Brazil, Colombia, Mexico, India, Malaysia, Indonesia, the Philippines, Thailand, the U.K., and Spain.

 

Featured image credit: Edited from Freepik