Title: Indonesian Consumers Warned of Increasing Identity Theft Threats: FICO Survey Results

Indonesians Express Concerns over Identity Theft in Finance Sector

According to a recent survey by FICO, a leading analytics software company, identity theft is a significant concern for Indonesian consumers. The survey polled 1,000 adults and revealed the following insights.

3% have admitted to having their identity stolen, and 9% believe it is likely to have happened.
71% understand the need for identity proofing in the financial sector.
15% believe the identity checks in financial institutions cater to sales goals rather than customer protection.

The Need for Identity Proofing: Safeguarding Banks and Preventing Money Laundering

The survey results demonstrate the importance Indonesians place on protecting their financial identity.

64% view identity proofing as a way for banks to safeguard themselves.
41% consider identity proofing an instrument for preventing money laundering.

Biometric Verification: A Secure and Accepted Solution

Biometric authentication, such as facial scans, fingerprints, and voiceprints, is gaining acceptance among Indonesians who want to ensure the security of their bank accounts.

63% of respondents expressed their readiness to provide biometrics.
6% remain opposed to this practice.

Adapting to Indonesian Banking Landscape: Digital and Traditional

Indonesia’s banking landscape is unique, as consumers have a preference for both digital and traditional banking methods.

32.5% prefer digital methods to open bank accounts.
57.5% value the personal touch of bank branches.

The Impact of Digital Banking on Demand and Customer Engagement

The pandemic has led to a surge in demand for digital banking services, with over half (59%) of consumers expressing a greater propensity to open accounts digitally than before.

Streamlined Processes to Maintain Customer Engagement

To maintain customer engagement, institutions must offer seamless, uninterrupted digital experiences. Over a third of Indonesian digital applicants abandon the account opening process when asked to move out of their preferred channel for identity verification.

“Our commitment to smart, yet adaptive, identity solutions is reinforced by these findings,” says Subhashish Bose, VP of Fraud, Security, and Compliance at FICO, APAC.

FICO’s Digital Transformation Event Showcases Survey Findings

These findings will be unveiled during FICO’s upcoming free virtual event, Success Realized: Digital Transformation Delivered, which runs from April 27-29, 2021.