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

2020 – Enrich HK x Experian – Data Security Master

2020 – Enrich HK x Experian – Data Security Master

Enrich HK and Experian proudly present Data Security Champion, an interactive online game equipping migrant domestic workers with knowledge on how to protect themselves in an increasingly digital world. 

 

Why is data security important for domestic workers?

 

There are almost 400,000 migrant domestic workers in Hong Kong, consisting of 10% of the city’s working population. They make tremendous contributions to Hong Kong’s economy - HK$98.9 billion in 2018 or 3.6% of Hong Kong’s GDP.  

 

However despite this, they are largely financially excluded from the economy; 83% of domestic workers are in debt due to enormous pressures on their finances, including recruitment fees, family obligations or extortionate interest rates on loans. Sadly, the desire to increase their income or improve their circumstances is often exploited - domestic workers are frequently targeted by scams based around investment, loans or romance.

 

The current COVID-19 crisis presents additional stressors to the domestic worker community arising from job losses, stringent quarantines, travel bans and unforeseen expenses. The resulting financial pressures will leave the community more vulnerable to predators, a trend Enrich has already observed with the rise of online loan scams since the start of the pandemic.

 

Not knowing how to protect yourself in this increasingly digital world can have disastrous consequences. With an educational and fun approach, “Data Security Champion” will empower domestic workers with the tools to engage online safely, spot predators and protect their hard-earned money for themselves and their families. 

 

Previous Enrich HK and Experian collaborations

  • Joint release of ‘The Value of Care’ report, 2019, revealing domestic worker’s economic contributions in Asia.
  • Co-delivered a ‘Data Privacy’ lecture series in 2019 for domestic workers in Hong Kong

Click here to start the game

 

Experian Global Identity and Fraud Report

 

Every second in the day, 12 people online become a victim of identity theft; more than 1 million victims around the world EVERYday (In the UK 500 x identities are stolen each day for fraud purposes). Identity theft occurs when someone steals your personal information and becomes compromised. In cases of identity fraud, criminals illegally obtain your personal information (such as a credit card number, medical identification number or Social Security number) and use the data to commit crimes in your name. Thieves may take over your existing accounts, use your name to open new accounts or apply for loans, among other crimes. The average number of accounts registered to one email address in various countries is currently estimated at: 92. Your personal information is sold on the dark web for as little as $1 to $1000; 20% of stolen credentials were used within 30 mins and 50% within 7 hours. Companies are looking to educate their customers and staff on “good cyber-security” behavior and raise awareness of the social engineering techniques employed by fraudsters.

 

Falling victim to identity fraud could tarnish your name, ruin your credit, compromise your financial and medical history, or drain your assets. Once the damage is done, the road back to restoring what was yours can be both time-consuming and expensive.

 

Please fill up the form below to download Experian’s 2020 Global Identity and Fraud Report

Read full article

Experian

By Experian 10/19/2020

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