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

COVID-19 increased online security concerns and expectations

COVID-19 increased online security concerns and expectations

Our latest research revealed security trumps convenience when it comes to online experiences as Australians say security (56%) and privacy (25%) are the most important considerations when online.

 

The research, the second of three in a longitudinal study exploring the major shifts in consumer behaviour and business strategy, revealed only 7% of Australians consider the convenience of an online experience. The ability to communicate, work, shop, order food, even visit your doctor online has allowed many of us to continue conducting our daily lives this year, albeit virtually. With so much reliance on digital experiences, it’s surprising to hear convenience is not a high priority but it’s understandable that safety is of top of mind.

 

Following the COVID-19 outbreak, over half of Australians became more concerned about online activity, particularly online identity theft (36%) and having their credit card information stolen (35%). This follows the latest figures from the Australian Cyber Security Centre noting it responded to 2,266 cybersecurity incidents between 2019-2020. It is understandable therefore that this cohort of consumers now expect more protection from businesses, such as more visible security measures (54%) and additional security steps for any online activity (38%).

 

Given this heightened concern and expectation, it’s promising to hear 3 in 5 Australian business leaders expect their fraud management budgets will increase in the next six months, with more emphasis and investment going into customer authentication solutions.

 

However, the research highlighted a discrepancy between what methods Australian businesses currently use for fraud detection and protection versus what consumers would like them to use. Business leaders noted the likes of Captcha, security questions and tracking transaction history, payment anomalies and spending patterns as the most popular solutions. Meanwhile, Australians rate physical biometrics (86%), behavioural biometrics (83%) and multi or two factor authentication (79%) as the methods that make them feel the most secure.

 

Over 75% of Australians said when they had spotted businesses using either physical or behavioural biometrics over the past six months it really enhanced their opinion of the company, proving that having proper security processes in place goes hand in glove with improving customer experience.

 

Over half of Australian consumers also said they were expecting more clarity from businesses on how they are storing and protecting consumers’ personal data. 31% of people think companies are doing a better job at communicating this since the outbreak of COVID-19, which may be the driver behind 46% of Australians saying they are somewhat or very willing to share their personal data with businesses. A third said they are a little willing, with 16% not willing at all.

 

Take a look at our second Global Insights Report and infographic here.

 

If we can assist you in any way during these times, please get in touch with us using the form below.

 

By Karine Smyth, Head of ID & Fraud, Experian A/NZ

Read full article

Karine Smyth

By Karine Smyth 02/01/2021

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