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

2021 Global Identity and Fraud Report

2021 Global Identity and Fraud Report

The surge in digital demand over the past year reinforced the deep connection between recognition, fraud prevention and the online customer experience.

 

Experian’s 2021 Global Identity and Fraud Report shows that as more consumers go online, expectations for a secure experience are higher than ever and that the types of security consumers expect are shifting towards invisible protection.

 

Our research found that 2 out of 3 businesses have increased concern about the overall level of fraud since the pandemic. Unsurprisingly, security is still a top concern for consumers, with 55% citing security as the most important aspect of their online experience. However, consumers are also looking for methods of data protection that are both convenient and trustworthy.

 

In a post-pandemic landscape, businesses that prioritize security in a convenient format will meet and exceed consumer expectations.

 

Experian’s 2021 Global Identity and Fraud Report explores business and consumer priorities in the wake of digital evolution. Based on input from 9,000 consumers and 2,700 business executives worldwide, we developed an understanding of the consumer expectation for easy, secure interactions and how businesses have worked to meet that demand.

 

Download the complete report to learn why:

 

 

60% of consumers have a higher expectation for their online experience than pre-pandemic, while 55% still say security is a top priority

 

82% of businesses say they now have a customer recognition strategy in place – up 26% since the start of the pandemic

 

74% of consumers chose physical biometrics as their preferred security method, with 72% still favoring a PIN code sent to a mobile device

 

60% of global consumers now use a mobile wallet – up from 53% pre-pandemic

Read full article

Experian

By Experian 05/25/2021

Read now

Related Articles

Why AI-Enabled Banking is the Key to Post-Pandemic Success
Why AI-Enabled Banking is the Key to Post-Pandemic Success

As we traverse a new world and economy impacted by the pandemic, it’s clear that an AI-first approach is the optimal way to ensure banks are ready to tackle any…

Learn more
White paper: Digitalisation trends – 2021 insights
White paper: Digitalisation trends – 2021 insights

Digitalisation, also known as the process of using digital technology to provide new opportunities for revenue and growth, continues to remain a top priority for many organisations in 2021.

Learn more
2021 Global Decisioning Report
2021 Global Decisioning Report

Navigating a new era of credit risk decisioning- as lenders prepare to navigate a changed world, they’re prioritising digital investments to help. Find out what the top 5 Key business…

Learn more

Please fill up the form below to download

  • Download Now