Financial Crime World

Singaporeans’ Concerns about Real-Time Payment Scams and Identity Theft

A recent study by FICO has shed light on the growing concerns of Singaporeans regarding real-time payment scams and identity theft. The research revealed that 26% of respondents fear falling prey to scammers, exposing them to immediate financial losses. Identity Theft: A Top Concern

Identity Theft Emerges as a Top Worry

  • 25% of respondents cited identity theft as their primary worry
  • Despite these fears, there appears to be a disconnect between perception and reality:
    • 36% of Singaporeans believe they are unlikely to fall victim to identity theft
    • Only 15% consider it a possibility
    • 17% are confident that their identity has not been compromised

Low Incidence of Stolen Identity Use in Financial Accounts

  • The study found that only 6% of respondents reported their stolen identity being used to open a financial account, compared to higher rates in other countries.

Priorities When Selecting New Financial Service Providers

  • Strong Fraud Protection: 34% of consumers deem good fraud protection as most important
  • Ease of Use: 23% consider ease of use as the second-most important factor
  • Other factors such as good customer service, anti-money laundering policies, environmental practices, ethical data use, fair treatment, and value for money are considered less critical.

Fraud Protection: A Selling Point in Banking

“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.

Survey Findings

  • The survey, conducted in November 2023, involved 1,000 Singaporean adults and approximately 12,000 consumers from various countries.
  • The findings highlight the importance of robust fraud protection measures in the banking sector to ensure the financial well-being of Singaporeans.