Majority of businesses (59 percent) in the Asia Pacific (APAC) region expect fraud cases to increase in the next five years. This is according to the report by Experian-a global information services company-titled “The Economics of Fraud: Mitigating Risk Amidst Fast Growth and Innovation.”
The report revealed that 51 percent of businesses in this region are spending more time and investment on fraud prevention. On a scale of one to five, with five as the most concerned, China (3.9) and Indonesia (4.6) are the most preoccupied with fraud as compared to more mature markets in APAC like Australia (3.0) and New Zealand (3.1).
Meanwhile, businesses in the telecommunication and financial services sector are the most concerned industries about fraud. According to firms from the financial services sector, fast-growth markets like Indonesia is at risk of fraud on credit application (86 percent), while China (70 percent) and Malaysia (65 percent) are at risk of fraud in online banking.
Source: MIS Asia