Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

Experian launches United for Financial Health initiative to help communities most impacted by COVID-19 across Asia Pacific

Experian launches United for Financial Health initiative to help communities most impacted by COVID-19 across Asia Pacific

Partnering with NPO Enrich in Hong Kong, Experian aims to help vulnerable communities gain financial inclusion.

 

Hong Kong, 23 September 2021: Experian, the world’s leading global information services company, has launched United for Financial Health to help drive financial inclusion for the most vulnerable communities impacted by COVID-19 in Asia Pacific (APAC).

 

This global corporate social responsibility initiative will see Experian working with non-profit organisations (NPOs) worldwide to provide tools and resources to educate and uplift consumers, while protecting them from fraud and identity theft. United for Financial Health’s goal is to support millions of people marginalised by COVID-19 globally, by offering tangible ways to improve financial health and aid on the road to recovery.

 

As part of the first phase of United for Financial Health rollout in APAC, Experian will partner with Enrich:

 

  • Enrich is an award-winning educational charity promoting the economic empowerment of migrant domestic workers in Hong Kong. Building on a similar project conceptualised by Enrich and Experian in 2019, the continued collaboration focuses on creating a financial literacy quiz-based online competition in 2022 on basic money management and financial concepts for migrant domestic workers (MDWs) with the goal of reaching 250,000 MDWs and their families.

Enrich’s work contributes to the Hong Kong Strategy for Financial Literacy and has reached over 60,000 MDWs since 2007 through its educational and outreach programmes. In 2021, Enrich was granted the ‘Financial Education Champion’ Award by the Investor and Financial Education Council, for the third consecutive time.

 

Lucinda Pike, Executive Director of Enrich, says, “Initiatives like Experian's United for Financial Health are so important right now as we recover from the impact of the pandemic. We truly believe that collaborations between civil society and the private sector are pivotal in rebuilding for a more inclusive and resilient world where marginalised groups like migrant domestic workers and their loved ones are not left behind.”

 

With ongoing social distancing restrictions across various APAC countries, the rollout of volunteering and engagement programmes will be conducted digitally to ensure the safety of all participants.

 

“I am pleased to launch United for Financial Health to uplift and empower the most vulnerable communities in the region. Financial inclusion has always been a priority for us at Experian, and across Asia Pacific an estimated half of the adult population do not own a bank account, according to the World Bank in 2018. The issue of financial exclusion has become increasingly evident during these challenging times, and these vulnerable populations will need the right support to stay resilient,” says Ben Elliott, CEO, Experian Asia Pacific.

 

“We are committed to helping the people in the communities that we live and operate in. At Experian, we believe data has the potential to transform lives, and we use our innovative technology and data to help people and organisations across Asia Pacific,” adds Sisca Margaretta, Chief Marketing & Communications Officer, Experian Asia Pacific. “Corporate responsibility is deeply ingrained in Experian’s culture, and never has it been more important for us than now to support our communities as the pandemic has put even more people and communities in vulnerable situations. We will continue our work to ensure that they receive support via our community initiatives.”

 

The United for Financial Health initiative first launched in North America, United Kingdom and Brazil in 2020, and has helped 35 million consumers worldwide.

 

About Enrich

 

Enrich is the leading Hong Kong charity promoting the economic empowerment of migrant domestic workers. We empower migrant domestic workers to invest in themselves through financial and empowerment education. Our workshops equip domestic workers with the tools to save, budget and plan for a future with greater financial security while they are here in Hong Kong.

 

According to a recent CUHK study, 96% of Enrich’s participants begin tracking their expenses following Enrich’s workshops. Please visit www.enrichhk.org for more information.

 

Read full article

Experian

By Experian 09/23/2021

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