A Report by CYS Global Remit FinTech Development Unit
Fintech News Singapore, a source of timely, deep insights and the latest local and global fintech news, recently published an article on this pressing issue.
A recent study by Jumio, a provider of AI-driven identity verification and compliance solutions, has revealed that 78% of consumers in Singapore are ready to switch banks due to inadequate fraud protection.
The Jumio 2024 Online Identity Study highlights growing concerns among consumers about their banks' ability to safeguard against fraud. According to the study, 75% of consumers globally and 78% in Singapore would consider changing their banking provider over these issues.
Surveying over 8,000 adults across the United Kingdom, United States, Singapore, and Mexico, the study found that 75% of consumers believe their banks are ultimately responsible for protecting them against cybercrime and fraud.
The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has intensified these concerns. Deepfake technology is being used more frequently to deceive consumers into revealing sensitive information, driving a significant portion of the anxiety.
In Singapore, 78% of respondents are particularly worried about their bank’s efforts to combat deepfake-powered fraud, compared to the global average of 67%. Additionally, 74% of Singaporeans demand stronger cybersecurity measures, higher than the global average of 69%.
The expectation for financial institutions to provide robust fraud protection is growing, with three-quarters of consumers expecting a full refund if they fall victim to cybercrime.
At CYS Global Remit, we understand that while technology has significantly and positively impacted almost every aspect of personal and business life, it also creates avenues for illicit activities such as deepfake-powered fraud. We are committed to implementing robust cybersecurity measures in all our applications to ensure our customers' confidence in dealing with us.
Source: Fintechnew.sg
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