BANGKOK--(BUSINESS WIRE)--(NYSE: FICO)
Highlights
- Payment Fraud is the top financial crime concern for 45% of Thais
- Identity theft worries persist, with 61% believing they have or might have been victims
- 36% of Thai consumers name fraud and scam protection as their top consideration for new financial accounts
FICO, a leading global analytics software firm, today unveiled its latest global consumer fraud research, shedding light on Thais' ongoing apprehension regarding real-time payment scams amid the growing adoption of new, convenient, and fast payment channels. According to the study, the primary worry for Thais remains the risk of being tricked into sending money to criminals (45%), which exposes individuals to instant, irrevocable losses rarely eligible for reimbursement.
Additionally, concerns about identity theft persist, with 25% of Thais citing it as their top financial crime concern. This type of fraud carries additional risks beyond financial loss, such as compromised credit scores and the challenging process of restoring financial integrity.
More information: https://www.fico.com/en/latest-thinking/ebook/consumer-survey-2023-digital-banking-customer-preferences-and-fraud-controls
“The rapid adoption of real-time payment in Thailand has made the country a key target for scammers in the region,” said C K Leo, FICO’s lead for fraud, security and financial crime in Asia Pacific. “Amidst Thais’ growing concerns about payment scams and as the adoption of real-time payments surges, we're witnessing a transformative shift in financial behaviour. Yet, with rapid digitisation comes an urgent need for heightened vigilance against fraudsters lurking in the digital realm.”
Awareness of identity theft in Thailand among the highest in Asia
Concerningly, the rate of respondents who reported their stolen identity being used to open a financial account was considerably higher in Thailand than in the other countries surveyed. 12% of Thai stated that their identity had been stolen and used to open an account by a fraudster, while this was reported by only 5% of Filipinos and 3% of Indonesians. Given Thailand’s adult population, this 12% translates to over 8.6 million individuals.
However, despite widespread concern about identity theft, there remains a dissonance between perception and reality among Thais. About 17% believe it unlikely they've been a victim, while 31% see it as possible, and 14% are confident their identity remains untouched.
“While some may downplay the risk of identity theft in Thailand, millions remain vulnerable,” added Leo. “This underscores the need for heightened awareness and proactive measures. By breaking down silos and integrating identity verification and fraud detection processes, we can streamline applications and bolster trust in legitimate customers.”
Thais Seek a Balance Between Good Fraud Protection and Convenience
When selecting a new provider for a financial account, respondents identified robust fraud protection and ease of use as their top priorities. Notably, good fraud protection was far ahead, ranked 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 treatment, 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,” concluded Leo. “Consumers are highly aware that most theft threats are now online, making robust fraud protection a critical factor in their decision-making process."
The survey was conducted in November 2023 by an independent research company adhering to research industry standards. 1,002 Thai adults were surveyed, along with approximately 12,000 other consumers in Canada, U.S, Brazil, Colombia, Mexico, India, Malaysia, Indonesia, the Philippines, Singapore, U.K. and Spain.
