Strengthening online security tops the innovation wishlist of Singapore banking customers surveyed, with “money lock” to prevent withdrawals emerging as the most sought-after innovation, ranking above features like cardless withdrawals and voice-activated virtual assistants.
The survey, conducted by global financial technology leader FIS, involved more than 1,000 retail banking customers in Singapore. The report revealed that 92% of surveyed consumers expressed concern over online banking fraud. The majority of surveyed consumers (56%) also believe online banking fraud attempts have been ‘on the rise’ in the past 12 months.
Almost a quarter of Singaporeans surveyed said they have been a victim of online banking fraud, underscoring the scale of the problem. These problems have prompted coordinated efforts by the government, law enforcement, banks and fintech players. Fraud incidents were most widespread amongst surveyed Millennials (28-42-year-olds) (34%), and least prevalent amongst surveyed Boomers (59+-year-olds) (12%).
Of those surveyed who have experienced fraud, 51% saw their bank assume total responsibility and provide a full refund, versus 32% who received a partial refund. Along those lines, 53% of respondents expected banks to assume full responsibility regardless of the reason for the fraud.
FIS’ research found that most respondents are seeking a balance of convenience and security across the full spectrum of online banking interactions.
Commenting on security concerns by banking customers, Kanv Pandit, Head of Corporates and International Banking, FIS, said: “As online banking fraud becomes increasingly sophisticated, FIS is strategically investing in the implementation of new technologies to aid banks in their fight against scams. This includes embedding AI and machine learning in our products to mitigate fraud in billions of transactions. By leveraging advanced technologies, banks can anticipate new threats, understand fraud patterns with greater precision, and respond swiftly to emerging risks – ensuring that their customers’ trust and safety is protected.”
