Singapore has the sixth highest rate of card fraud globally, and the third highest in Asia Pacific, according to newly released study by ACI Worldwide.
36% of consumers in Singapore have experienced card fraud in the past five years.
Compared to ACI's 2014 benchmark study, unauthorized activity on three types of payment cards (debit, credit and prepaid) has risen 8% in Singapore.
Australia (40%) and India (37%) are the other two nations in the Asia-Pacific that experienced the most card fraud in 2016.
"In the Asia-Pacific region, there is a clear correlation between risky behavior and fraud incidents," said Giselle Lindley, senior fraud consultant, ACI Worldwide. "This reveals an opportunity for consumer education focused on how consumer behavior affects the potential for fraud to occur. This will not only help reduce the incidents of fraud, but also empower consumers to gain confidence in their ability to protect themselves from fraud."
Smartphone and tablet usage
The overall risk for fraud is rising due to the global increase in smartphone and tablet usage. The report indicates risky behaviors, such as leaving a smartphone unlocked when not in use, have a direct correlation to fraud.
In Asia- Pacific, consumers in Thailand, India and Indonesia exhibit the riskiest behaviors, compared to those in Australia, New Zealand and Singapore.
36% in Thailand, 34 % in India and 31% in Indonesia left smartphones unlocked when not in use.
43% in Thailand, 30% in India and 29 % in Indonesia banked or shopped online on computers without security software or on public computers.
"It's no surprise that there is a direct correlation between fraud and lower consumer trust and card loyalty, including a primary contributor toward 'back of wallet' behavior," said Andreas Suma, vice president and global lead, fraud and data, ACI Worldwide. "And as this data illustrates, it's more critical than ever for financial institutions to implement and actively maintain effective fraud prevention solutions that address fraud, security and customer experience needs."
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