Jumio has unveiled new research revealing that 78% of consumers in Singapore are poised to switch banks due to inadequate fraud protection measures.
The findings stem from Jumio’s 2024 Online Identity Study, which underscores escalating concerns among clients regarding vulnerabilities in their banks’ fraud protection systems, potentially exposing them to scammers and fraudsters. The study indicates that a significant majority (75%) of respondents would consider changing banks if dissatisfied with their current provider’s fraud protection, with the figure rising to 78% specifically in Singapore.
The study, which surveyed over 8,000 adult clients evenly distributed across the UK, US, Singapore, and Mexico, also highlights the growing threat posed by emerging technologies such as deepfakes and voice cloning. These advancements enable scammers to impersonate individuals convincingly, ranging from potential romantic partners to distressed family members, thereby increasing the likelihood and success rate of their fraudulent activities.
According to the survey, 75% of users believe that their banking solutions provider holds the primary responsibility for safeguarding them against fraud, financial crime, and cybercrime. As cybercrime continues to evolve in sophistication, Jumio advocates combating these threats with advanced AI-driven technologies, emphasizing the adoption of multimodal biometric verification systems that incorporate liveness detection and other advanced measures to counteract deepfakes, camera injection attacks, and the misuse of stolen personal information.
Moreover, the research underscores the increasing sophistication of fraudster tactics, including the use of deepfake videos as clickbait to lure victims to malicious websites for the purpose of harvesting sensitive information like card payment details. Heightened concerns about deepfake technology are evident, with 78% of Singaporean customers expressing worry over their banks’ efforts to protect them from deepfake-powered fraud, surpassing the global average of 67%.
Demand for enhanced cybersecurity measures is notably higher in Singapore, with 74% of respondents advocating for stronger protections compared to the global average of 69%. The rise in deepfake-related fraud intensifies pressure on financial institutions to compensate victims and underscores the necessity for robust fraud detection platforms.
Additionally, three-quarters of respondents (75%) expect full reimbursement from their banks in the event of falling victim to cybercrime, reflecting heightened expectations for accountability and restitution from financial service providers.
Overall, Jumio’s study illuminates the urgent need for financial institutions to fortify their fraud protection capabilities amidst evolving technological threats, ensuring comprehensive safeguards for their clientele in an increasingly digital landscape.
Source: thepaypers.com
