New Zealand
New Zealand New Zealand
Consumers make most of their payments by internet banking
  • 74%
    BFSI
  • 70.5%
    TELCO
  • 54.5%
    RETAIL
  • 46.5%
    BFSI
  • 39.6%
    TELCO
  • 40.7%
    RETAIL
  • A higher percentage make payments via internet banking to banks and insurance companies, telcos, and retailers, respectively, compared to the regional average
  • Impact: Anti-fraud capabilities critical to the increased digital transaction frequency and customers’ trust in banks
Australia
Australia Australia
Consumers are most satisfied with the post-fraud service of banks and insurances companies
  • More than 70% satisfaction rate compared to 59.7% on average
  • Impact: Increased trust in BFSIs
Indonesia
Indonesia Indonesia
Consumers that encountered most fraud incidents in the past 12 months
49%
34.7%

AP Average

  • 49.8% have experienced fraud at least once compared to 34.7% on average
  • Impact: Overall anti-fraud capabilities need improvement
Singapore
Singapore Singapore
Consumers have the highest trust towards government
AP Average
  • 75.5% choose government agencies, compared with 51.7% on average
  • Impact: Trust of personal data protection is centered around government agencies
Vietnam
Vietnam Vietnam
Consumers encountered most fraud incidents in retail and telco during the past 12 months
  • 55%
    TELCO
  • 54.5%
    RETAIL
  • 32.8%
    TELCO
  • 35.2%
    RETAIL
  • 55% and 54.5% have experienced fraud at least once in retail and telco, respectively, compared to 32.8% and 35.2% on average
  • Impact: Overall anti-fraud capabilities need improvement
Thailand
Thailand Thailand
Most Thai consumers believe speed and resolution are severely lacking (response/ detection speed toward fraud incidents)
AP Average
  • 60.5% think it is most important, compared to 47.7% on average
  • Impact: Response time as one of key factors to fraud management to retain customers and gain their trust
India
India India as standalone
Consumers have the largest number of shopping app accounts in the region
India
  • Average of three accounts per person
  • Impact: Highest exposure to online fraud
Hong Kong
Hong Kong Hong Kong
The least percentage of consumers with high satisfaction level toward banks and insurance companies’ fraud management
AP Average
  • Only 9.7% are most satisfied compared to 21.1% on average
  • Impact: effective response towards fraud incidents to be improved
China
China China
Consumers are the most tolerant toward submitting and sharing of personal data
AP Average
  • 46.6% compared to the AP average of 27.5% are accepting of sharing personal data of existing accounts with other business entities
  • Impact: higher exposure of data privacy and risk of fraud
alert
Japan Japan as standalone
Consumers most cautious on digital accounts and transactions
50.7% Actively maintain digital accounts’ validity
27% AP Average
45.5% Do not do online bank transfers
13.5% AP Average
  • More than 70% did not encounter fraud incidents in past 12 months, compared to 50% on average
  • Impact: Relatively low risk of fraud

2019 Asia-Pacific Identity and Fraud Report

2019 Asia-Pacific Identity and Fraud Report

The continuing rapid pace of digital adoption and with it, a fast-growing digital ecosystem are changing the relationship between businesses and consumers in Asia-Pacific. While businesses are striving to drive and unlock the benefits from increasingly digital lifestyles, they face a multitude of challenges. Customers enjoy being recognised and expect to be met with a personalised experience at every interaction. At the same time, the growing sophistication of cyber-attacks including online fraud requires a corresponding response to guarantee the safety of personal data and safeguard businesses’ reputation.

 

What are the key factors that matter most to consumers for gaining trust and confidence in an increasingly digital world? What does it take to build trust online? Are businesses doing enough with the information they already have access to, to better recognize and deliver experiences that their customers expect?

 

These are just some of the questions we asked in the 2019 Asia-Pacific Global Identity and Fraud Report. We conducted research among more than 10,000 consumers and 1,000 businesses across 21 countries, globally. With Asia-Pacific representing such a diverse set of markets, we have dedicated a report entirely to the region.

 

Download the complete 2019 Asia-Pacific Identity and Fraud Report to learn why:

 

  

71% of consumers

say security is their number one priority during their online experience

  

67% of businesses

report an increased concern for fraud losses since last year

 

  

73% of consumers

are willing to go through a more thorough process when opening an account if this enables a more convenient experience later

  

81% of consumers

feel strongly that it is important for businesses to be fully transparent about how their information is used

 

This report is one in a series of reports that we are publishing in 2019. Watch this space for our Asia-Pacific Consumer Trust Index Report to get more insights on the diverse Asia-Pacific region.

Read full article

Experian

By Experian 04/30/2019

2019-APAC-Identity-and-Fraud-Report

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