Financial Crime World

Title: Thais’ Top Financial Crime Concerns: Payment Scams and Identity Theft in the Age of Real-time Payments

Published: June 12, 2024

A new study by Fico, a leading US-based data analytics and credit scoring company, reveals growing concerns among Thais over payment scams (45%) and identity theft (25%) amidst the rapid expansion of real-time payment systems.

New Study Indicates Thais’ Anxieties Over Payment Scams and Identity Theft

Thailand’s digitalization trend, marked by the adoption of real-time payments, has made the country an alluring target for cybercriminals. Payment scams are the primary financial crime concern for Thai consumers (45%), as irreversible financial losses can occur instantaneously.

Additionally, identity theft persists as a pressing concern, cited by 25% of respondents. Identity theft poses threats beyond financial losses, including compromised credit scores and the arduous process of regaining financial security.

Key Findings from Fico’s Global Consumer Fraud Research

  • Thailand is a prime target for scammers due to the rapid expansion of real-time payment systems.
  • The primary financial crime concern for Thais is payment scams (45%).
  • Identity theft continues to haunt Thais (25%), with higher rates of identity theft experienced compared to other countries surveyed.
  • Eight million Thais could potentially be affected by identity theft, emphasizing the need for increased awareness and proactive measures.

Perception vs. Reality: Thais and Identity Theft

Despite concerns, there’s a dissonance between Thais’ perception and reality regarding identity theft. Some Thais believe it is unlikely they have been a victim (17%), while others view it as a possibility (31%). A small optimistic group (14%) are confident their identity remains untouched.

Prioritizing Fraud Protection and Ease of Use in Financial Providers

When selecting a new financial provider, Thais prioritize robust fraud protection (36%) and ease of use (36%). As online theft threats grow, fraud protection becomes a crucial selling point for consumers.

Full Report Available Online

This study involved over 1,002 Thai adults alongside approximately 12,000 consumers from various countries. To access the full report, visit this link.