JUMIO: 78 PCT SINGAPORE CONSUMERS KEEN TO SWITCH BANKS OVER FRAUD PROTECTION CONCERNS

KUALA LUMPUR, June 27 (Bernama) -- A new research from Jumio revealed that 78 per cent of Singapore customers are ready to switch providers due to growing anxiety among consumers that weaknesses in their banks’ fraud-protection measures could leave them exposed to scammers.

The Jumio 2024 Online Identity Study also highlights that 75 per cent of consumers worldwide feel their banking service provider bears ultimate responsibility for protecting them against cybercrime and fraud.

Jumio Chief Marketing Officer, Anna Convery in a statement said it is essential to fight artificial intelligence (AI) with AI as cybercriminals become more savvy with their tactics.

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“Banks must implement multimodal, biometric-based verification systems that layer in liveness detection and other advanced technologies to stop deepfakes, detect camera injection and presentation attacks, and prevent stolen personal information from being used,” she said.

Banks have long had to deal with impersonation fraud, but as deepfakes and voice cloning become easier to generate, schemes in which scammers pretend to be anything from a prospective romantic partner to a family member in crisis have the potential to target far more people and with a higher rate of success.

With high anxiety around deepfake technology at an all-time high, 78 per cent of consumers in Singapore are concerned about whether their bank is doing enough to protect customers against deepfake-powered fraud, surpassing the global average of 67 per cent.

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As the technology used by fraudsters becomes more sophisticated, the tools to prevent and detect scams must evolve as well, with demand for stronger cybersecurity measures in general is also notably higher in Singapore at 74 per cent, contrasting with the global figure of 69 per cent.

The rise in deepfake-powered fraud intensifies the pressure on financial services firms to compensate victims when their platforms are exploited for scams, highlighting the need for robust fraud detection platforms.

Additionally, three-quarters of consumers (75 per cent) expect a full refund from their bank if they are the victim of cybercrime.

Jumio’s study examined the views of more than 8,000 adult consumers, split evenly across the United Kingdom, United States, Singapore, and Mexico.

-- BERNAMA