45% of Thais are more concerned about being tricked into paying a criminal
BANGKOK–(Business Wire/AETOSWire)–(NYSE: FICO)
Highlights
- Payment fraud is the top financial crime that worries 45% of Thais
- Concerns about identity theft remain, with 61% believing they have been or may have been victims
- 36% of Thai consumers consider fraud and fraud protection to be their top consideration for new financial accounts
FICO, a leading global analytics software company, today unveiled its latest global research on consumer fraud, highlighting ongoing Thai concerns about real-time payment fraud amid the growing adoption of new, convenient and fast payment channels. According to the study, the main concern for Thais remains the risk of being tricked into sending money to criminals (45%), exposing individuals to immediate and irreversible losses that are rarely eligible for repayment.
Additionally, concerns about identity theft remain, with 25% of Thais citing it as their biggest financial crime fear. This type of fraud carries additional risks beyond financial loss, such as poor credit scores and the difficult process of regaining financial health.
More information: https://www.fico.com/en/latest-thinking/ebook/consumer-survey-2023-digital-banking-customer-preferences-and-fraud-controls
He said the rapid adoption of real-time payments in Thailand has made the country a prime target for fraudsters in the region CK Liu, FICO's leader in fraud, security and financial crimes in the Asia-Pacific region. Amid Thais' growing concerns about payment fraud and with the increasing adoption of real-time payments, we are witnessing a transformative shift in financial behaviour. However, with rapid digitization comes the urgent need to increase vigilance against fraudsters lurking in the digital world.
Identity theft awareness in Thailand is among the highest in Asia
Worryingly, the rate of respondents who reported using their stolen identity to open a financial account was much higher in Thailand than in the other countries surveyed. 12% of Thais reported that their identity had been stolen and used to open an account by a scammer, while only 5% of Filipinos and 3% of Indonesians reported this. Given Thailand's adult population, this 12% means more than 8.6 million people.
However, despite widespread concerns about identity theft, there remains a dissonance between perception and reality among Thais. About 17% believe they are unlikely to be a victim, while 31% think it is possible, and 14% are confident their identity has not been compromised.
While some may underestimate the risk of identity theft in Thailand, millions are still at risk. Leo added. This underscores the need to raise awareness and take proactive measures. By breaking down silos and integrating identity verification and fraud detection, we can streamline applications and enhance trust in legitimate customers.
Thais seek a balance between good fraud protection and convenience
When choosing a new financial account provider, participants identified strong fraud protection and ease of use as their top priorities. It is worth noting that good fraud protection was at the top by a large margin, being rated as the most important quality by 36% of Thai consumers, while ease of use was also prioritized by 36%. Other factors, such as good customer service, strong anti-money laundering policies, sound environmental practices, ethical use of customer data, fair dealing and good value for money, were considered significantly less important.
“Fraud protection is increasingly seen as a selling point rather than just a cost center for banks. Leo concluded. “Consumers are well aware that most theft threats are now online, making strong fraud protection a critical factor in their decision-making process.”
The survey was conducted in November 2023 by an independent research firm that adheres to research industry standards. 1,002 Thai adults were surveyed, along with nearly 12,000 other consumers in Canada, the United States, Brazil, Colombia, Mexico, India, Malaysia, Indonesia, the Philippines, Singapore, the United Kingdom and Spain.
View source version on Businesswire.com: https://www.businesswire.com/news/home/20240522346026/en/
Lizzie Lee
Rice for FICO
+65 9034 7768
lizzy.li@ricecomms.com
Saxon Shirley
Fico
+65 9171 0965
saxonshirley@fico.com
Source: FICO