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

Mobile wallet use rivals traditional payment methods in APAC

Mobile wallet use rivals traditional payment methods in APAC

APAC consumers continue to embrace online experiences as economies learn to co-exist with the pandemic, but businesses still need to improve their digital experience to retain consumer trust, Experian report finds

 

SINGAPORE, 23 May 2022: Consumers in Asia Pacific (APAC) are increasingly turning to digital payments such as mobile wallets – and in some markets, including China, India, Indonesia and Malaysia, digital payments have now overtaken credit cards as the preferred payment method, the new Experian Global Insights Report found.

 

As more people go online for their consumption needs, businesses must keep pace with digital experiences to strengthen trust and loyalty. However, there remains a gap between consumer expectations and the digital experience businesses can offer, with only 1 in 5 Singaporean consumers saying businesses have completely met their expectations for digital experiences, the lowest across APAC.

 

Experian surveyed 6,000 consumers and 2,000 businesses across 20 countries, including Australia, Brazil, Chile, China, Columbia, Denmark, Germany, India, Indonesia, Ireland, Italy, Malaysia, Netherlands, Norway, Peru, Singapore, South Africa, Spain, United Kingdom and United States, on insights related to consumer and business economic outlooks, financial well-being, online behaviour and more. This report is the latest study in a series exploring the significant shifts in consumer digital preferences and business strategy over the past seven years.

 

According to the study, ‘Buy Now Pay Later’ (BNPL) services are gaining popularity in APAC, and are poised to replace regular use of credit cards in some markets, including Australia (28%), China (28%), and Indonesia (32%) where usage has risen in the last six months.

 

Financial data protection is top priority

 

APAC consumers are willing to share personal data with businesses in exchange for better services. In Indonesia, 74% of consumers are ‘very’ and ‘somewhat’ willing to share their personal data, the highest in the region. Having said that, consumers across the region remain cautious about sharing payment or transaction data, which in turn, limits the ability to fully optimise the data and address consumers' evolving demands.

 

This question mark around trust means APAC consumers agree financial data protection is their top priority. Additionally, many remain wary of their digital experiences, especially in Malaysia, where 84% are ‘very’ and ‘somewhat’ concerned with online transactions and activities. Importantly, the top concerns for consumers vary from market to market, as follows: 

 

“As consumers in the region continue to embrace digital interactions, it is imperative for businesses to understand and be able to address consumers' specific needs and concerns efficiently. Prioritising data insights and technology-driven solutions are crucial for businesses to stay ahead of the game. As an industry leader, Experian is committed to supporting businesses to make smarter decisions and thrive, lenders to lend more responsibly, and protecting consumers and organisations from identity fraud and crime in this evolving landscape,” says Luciano Scalise, Decision Analytics Managing Director EMEA & APAC, Experian.

 

The Experian Global Insights Report can be downloaded here.

 

 

Read full article

Experian

By Experian 05/23/2022

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