The threat from online and mobile fraud is growing in Asia-Pacific, with digital financial services firms in China, Hong Kong, and Indonesia now among the least trusted by consumers, according to new findings from Experian.
But the rising threat has at least prompted more than half of the region’s financial services firms to increase their investment in the latest technology needed to tackle the challenge, such as real-time fraud detection and digital security systems.
The Dublin-based but London-listed firm’s 2017 Fraud Management Insights Report, released on Wednesday, says companies across the region are seeing the scale and variety of fraud growing into 2018.
It lists five top types to look out for this year: online, credit and debit card frauds, malware (malicious software) affecting online and mobile transactions, and identity fraud.
The report surveyed 3,200 consumers across 80 organisations from the financial services, telecoms and retail sectors, each with revenues of at least US$10 million. Thirty eight financial services companies from China, Hong Kong, India, Japan, Australia, Singapore, and other APAC countries took part in the study.
Source: South China Morning Post