A recent study by Jumio, an AI-driven identity verification and compliance solutions provider, has revealed that 78% of consumers in Singapore are prepared to switch banks due to insufficient fraud protection.
The Jumio 2024 Online Identity Study highlights the increasing concern among consumers about their banks’ ability to protect them from fraud. The study found that 75% of consumers globally, and 78% in Singapore, would consider changing their banking provider if fraud protection was inadequate.
Surveying over 8,000 adults across the United Kingdom, United States, Singapore, and Mexico, the study reveals that 75% of consumers hold their banks ultimately responsible for safeguarding against cybercrime and fraud.
The rising sophistication of fraud tactics, such as deepfakes and voice cloning, has intensified these concerns. Deepfake technology, in particular, is being used more frequently to deceive consumers into divulging sensitive information, significantly contributing to their anxiety.
In Singapore, 78% of respondents are especially concerned about their bank’s efforts to combat deepfake-powered fraud, compared to the global average of 67%. Additionally, 74% of Singaporeans call for stronger cybersecurity measures, surpassing the global average of 69%.
The expectation for financial institutions to provide robust fraud protection is increasing, with three-quarters of consumers expecting a full refund if they become victims of cybercrime.
Source: fintechnews.sg
