Financial Crime World

Title: Thais’ Top Financial Concerns: Identity Theft and Payment Scams in the Digital Age

Key Findings

  • 45% of Thais are most concerned about digital payment scams.
  • Identity theft is a concern for 25% of Thais.
  • Thailand has a high rate of identity theft victims (12%).
  • Thais prioritize robust fraud protection when selecting a financial service provider.

Survey Results

A new study by Fico, a data analytics firm based in the US, reveals Thais’ top financial concerns in the digital age: identity theft and payment scams. The survey polled over 13,000 consumers, including 1,002 Thai adults.

Payment Scams as Top Concern

  • 45% of Thais are most concerned about being tricked into sending money to criminals through digital payment channels (Real-time payments).
  • Accelerating adoption of real-time payment systems is fueling apprehension.
  • Thais fear irreversible financial losses due to real-time payment scams.

Identity Theft as a Major Concern

  • Identity theft is a significant concern for 25% of Thais.
  • Compromised identities can result in financial ruin, damaged credit scores, and time-consuming restoration.
  • Approximately 8.6 million Thais are vulnerable to identity theft, accounting for 12% of identity theft victims whose identities were used to open a financial account.

The Importance of Identity Verification and Fraud Detection

  • Identity theft and payment scams pose real threats in Thailand’s digitizing financial landscape.
  • Heightened vigilance against digital fraudsters is crucial.
  • Integrating identity verification and fraud detection processes can safeguard against threats.

Consumer Priorities When Choosing a Financial Service Provider

  • Thai consumers prioritize robust fraud protection and ease of use over other factors like customer service, sound environmental practices, ethical use of customer data, fair treatment, and good value for money.

Mr. CK Leo, Fico’s regional fraud, security, and financial crime leader in Asia-Pacific, discusses the importance of identity protection and consumer preferences:

“Identity theft and payment scams are real threats in Thailand’s rapidly digitizing financial landscape. Thai consumers’ growing concerns and the increasing popularity of real-time payments call for heightened vigilance against digital fraudsters.”

For more details, download the full report at Fico’s website.