Consumers surveyed in six Asia Pacific (APAC) markets are most vulnerable to online fraud on social media sites, according to a new survey.
The survey by the global information services company Experian has found that a quarter of consumers across APAC have been victims of online fraud. Across all markets surveyed in the region, many remain unconcerned about fraud and identity theft amidst today’s growing fraud risk due to digitalisation.
The Global Identity & Fraud Report includes survey conducted in six Australia, China, India, Indonesia, Malaysia and Singapore.
According to the report, consumers in China and India appeared to be especially vulnerable, with 29% of consumers in each market having been the victim of online fraud. This is slightly higher than global figures, where nearly one in four (23%) consumers have also experienced similar incidents.
There are varying levels of concern by consumers who were surveyed in the APAC markets. While 45% of Indian consumers are very concerned about fraud and identity theft, only 9% of Chinese consumers feel the same way. Meanwhile, 26% of Singaporean consumers are very concerned about fraud incidents.
The report also found there is a significant impact on both monetary and reputational damage for fraud victims – 5% of APAC consumers shared that at least one of the fraud incidents they encountered has resulted in substantial monetary or reputational damage. Meanwhile, 8% of respondents’ friends and family also suffered substantial monetary losses due to fraud incidents.
Four in five APAC consumers (80%) expect businesses to take the necessary steps to protect them online, reflecting global trends where nearly three-quarters of consumers expect businesses to do so.
While businesses are taking action to protect against fraud, there remains a gap between consumer expectations and the digital experience businesses can offer. Only 26% of Singaporean consumers who were interviewed feel that businesses have met their expectations when it comes to a digital experience, and 59% still do not feel secure when transacting with a business online. M