Concerns over fraud protection grow among Singapore bank customers

SINGAPORE: A significant portion of Singapore’s banking customers are increasingly dissatisfied with the perceived level of fraud protection provided by their banks, according to a recent report.

As cyber threats, particularly those leveraging deepfake technology, become more sophisticated, the demand for robust cybersecurity measures is mounting.

A survey revealed that six in 10 customers in Singapore are calling for enhanced cybersecurity from their banks.

This concern is fueled by growing apprehension over deepfake-powered fraud, with 78% of consumers expressing worry about their banks’ ability to counter these advanced scams.

The study by identity verification firm Jumio highlights the intensifying pressure on financial institutions to offer greater protection.

Consumers expect banks to take full responsibility for any security breaches on their platforms and are demanding comprehensive refunds if they fall victim to cybercrime.

Jumio’s report warns that banks failing to meet these expectations risk losing customers.

The data shows that seven in 10 consumers are willing to switch providers if their current bank does not adequately protect them from fraud.

This trend underscores a prevalent belief that financial service providers should be the front line of defence against cyber threats.

“This should be a wake-up call to banks and financial institutions — your customers will take their business elsewhere if you don’t protect them from fraud,” shared Anna Convery, Chief Marketing Officer at Jumio. Convery emphasized the need for banks to adopt advanced technological measures to combat fraud effectively.

“As cybercriminals become more savvy with their tactics, it’s essential to fight AI with AI.

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,” Convery added.

Cybercriminals’ increasing reliance on deepfake technology to create convincing fraudulent identities and scams presents a significant challenge.

This sophistication in fraud necessitates that banks continuously upgrade their security protocols to maintain consumer trust and safeguard their assets.

The findings signal a critical moment for banks in Singapore, urging them to strengthen their cybersecurity infrastructure or face potential customer attrition.

As financial services navigate this evolving landscape, the emphasis on advanced AI-driven defences will likely become a cornerstone of effective fraud prevention strategies.

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