In a recent survey conducted by FIS, it was revealed that Singaporeans prioritise security above all else when it comes to online banking. A significant 56% of participants expressed concerns about the increasing prevalence of online banking fraud, with Millennials reporting the highest rates of such incidents while Baby Boomers reported the fewest. Overall, those surveyed are looking for a harmonious blend of convenience and security in their digital banking experiences.
In a recent survey conducted by FIS, a global leader in financial technology, Singapore’s banking customers expressed a strong desire for enhanced online security features. Topping their innovation wishlist is the introduction of a money lock feature designed to prevent unauthorised withdrawals, which outshines other desirable innovations such as cardless withdrawals and voice-activated virtual assistants.
The survey revealed that consumers’ primary concern is ensuring the safety of their personal information and assets while using banking services. A significant 86% of respondents indicated that this aspect is hugely critical to them; however, only 68% reported being satisfied with how well their banks are addressing these security needs. This comprehensive study involved over 1,000 retail banking customers in Singapore and delved into various aspects of their experiences with online banking, including their perceptions of fraud and investment approaches.
Concerns about banking fraud continue to loom large. A recent survey indicated that a staggering 92% of participants were apprehensive about the risks associated with online banking fraud. Notably, a significant portion—56%—of those surveyed believe that attempts at online banking fraud have escalated over the past year, while only 27% perceive the situation as stable.
Moreover, nearly one in four Singaporeans who took part in the survey reported having fallen victim to online banking fraud, highlighting the seriousness of this issue. In response to this growing threat, a collaborative initiative has emerged involving government agencies, law enforcement, financial institutions, and fintech companies.
The prevalence of fraud incidents was particularly pronounced among Millennials aged 28 to 42, with 34% reporting experiences of such scams; in contrast, only 12% of Baby Boomers aged 59 experienced similar issues. Addressing these security concerns faced by banking customers, Kanv Pandit, Head of Corporates and International Banking at FIS, remarked on the escalating sophistication of online banking fraud.
He emphasised that FIS is making strategic investments in cutting-edge technologies aimed at empowering banks in their battle against scams. This includes integrating artificial intelligence and machine learning into their offerings to help combat fraudulent activities across billions of transactions. By harnessing these advanced technologies, banks can better anticipate emerging threats and gain deeper insights into patterns of fraudulent behaviour while ensuring a rapid response to new risks—ultimately safeguarding customer trust and security.
Striking a balance between convenience and security is becoming increasingly important. Among those who participated in the survey and had faced fraud, 51 individuals reported that their banks took full responsibility and issued complete refunds, while 32 received only partial refunds. In fact, a significant 53 respondents expressed the expectation that banks should bear full responsibility for any fraudulent activity, regardless of its cause.
The Singapore Government’s upcoming Shared Responsibility Framework, set to launch in late 2024, may address this issue of accountability. However, as banks enhance their security protocols to combat fraud, customers might face additional steps that could complicate their banking experiences. Research from FIS indicates that the majority of participants are looking for a harmonious blend of convenience and security across various online banking activities. Interestingly, in every category surveyed, only a tiny fraction prioritised convenience over security.
Notably, younger generations, such as Gen Z (ages 18-27) exhibited a stronger preference for convenience when it came to tasks like checking balances and statements. In contrast, Baby Boomers displayed a more cautious approach overall.
In an increasingly digital world, scam prevention efforts are more crucial than ever. One of the standout initiatives is the ScamShield mobile app, developed by GovTech. This innovative application safeguards users from scam calls by cross-referencing unknown numbers with a comprehensive database maintained by the Singapore Police Force (SPF). By alerting users to potential scams before they even answer a call, ScamShield acts as a powerful first line of defence against fraud.
Simultaneously, the Monetary Authority of Singapore (MAS), in collaboration with the Association of Banks in Singapore (ABS), is undertaking another vital effort. Together, they are moving away from traditional security measures such as One-Time Passwords (OTPs) for banking logins. This progressive change aims to enhance user security and reduce vulnerabilities associated with phishing attacks.
By gradually phasing out OTPs, both MAS and ABS hope to implement more secure and user-friendly verification methods that better protect consumers’ financial information. These combined efforts reflect a broader commitment to creating a safer digital environment for all citizens. As technology evolves, so too do the strategies employed to combat ever-changing scam tactics.
Maxthon
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