Identity Theft on the Rise: One in Every Ten Thai Consumers a Victim, Reveals Fico Survey

Key Findings

One in eleven Thai consumers have fallen victim to identity theft
8.5% of respondents confirmed identity theft, with 9% expressing concern
69% recognized the importance of identity proofing measures
Consumers skeptical about reasons for enhanced security checks
Thais open to providing biometric information for account security
Digital identity verification on the rise in Thailand

Thai Identity Theft on the Rise: Fico Survey Finds One in Every Ten Consumers Affected

Bangkok, Thailand

Identity theft is on the rise among Thai consumers, with one in eleven (8.5%) admitting they have been victims, according to a new survey by US-based data analytics firm Fico. The survey, which polled over 1,000 Thai adults, makes Thai consumers the latest addition to the tens of millions of people worldwide affected by this growing crime. A further 9% of respondents expressed concern that they might have also fallen prey to identity theft but were unsure (Thai PBS, 2023).

Identity Theft: Awareness and Concerns

Acknowledged Level of Risk

The acknowledged level of risk from identity theft has led to a widespread understanding of the importance of identity proofing measures among Thai consumers. According to the survey, 69% recognized these measures were implemented for their protection (Bangkok Post, 2023).

Reasons for Identity Proofing

However, some consumers remain skeptical about the reasons for these checks, with 64% agreeing that there is a regulatory drive behind the enhanced security checks, while 27% believed these were being used by financial institutions to sell more products and services (Fico, 2023).

Banks’ Primary Purpose for Identity Proofing

Banks in Thailand, which have implemented various measures to strengthen account security such as facial recognition, fingerprint, and voiceprint verification, were seen primarily as implementing identity proofing to protect themselves (62%) and prevent money laundering (44%).

Despite concerns over the reasons for identity proofing measures, the survey revealed that most Thais were open to providing biometric information to secure their accounts. After understanding the reasons, 41% of respondents expressed a willingness to share their biometric data (Fico, 2023).

The Shift to Digital Identity Verification in Thailand

The adoption of digital identity verification has been a growing trend in Thailand, especially in the wake of the Covid-19 pandemic (Khaosod English, 2023).

Preferred Methods of Account Opening

While 44% of consumers prefer branch-based account opening, over two-thirds (66%) said they were now more likely to open an account digitally due to the pandemic (Fico, 2023).

The Impact of Digital Account Opening

Seamless Customer Experience

Any disruption in the account opening process could result in application abandonment, particularly among those who favor a digital opening experience. As many as 21% of users who face any interruption in the application process will delay it, while 4-5% will abandon it altogether or switch to a competitor (Fico, 2023).

Regional Director for Fraud, Security, and Compliance at Fico, Subhashish Bose, Speaks on the Transition to Digital Account Opening

“Digital account opening has been available in Thailand for some time, but it remained underutilized by certain segments of the market. This belief that branch-based account opening is more informed and secure could change as more people experience the benefits of digital banking and trust-building measures are in place,” Mr. Bose said (The Nation Thailand, 2023).

However, Mr. Bose warned that any disruption in the account opening process could result in application abandonment, particularly among those who favor a digital opening experience.

For many consumers, the convenience and speed of digital account opening are attractive, but any interruptions, such as requests to scan and email documents or visit separate identity portals, can deter potential customers.

Mr. Bose emphasized the importance for banks to maintain a seamless customer experience in light of these findings.