Building trust in digital channels: Asia banking & finance study
Access our in-depth whitepaper on fraud trends and discover how financial institutions in Asia are building trust in digital channels in an age of increased digital adoption.
Key findings
Emerging financial crime typologies
Financial institutions in Asia, particularly in Singapore, Malaysia, Vietnam, the Philippines, Indonesia, and Thailand, are increasingly concerned about social engineering scams, pretexting, phishing (54%), and endpoint threats such as bot attacks, malware, account takeovers, ransomware, and data breaches (48%).
Impact of Digital transformation
As part of their digital transformation strategy, 42% of Asian financial institutions have adopted a single platform for fraud risk management, while 30% still operate with siloed platforms. This shift is aimed at enhancing end-to-end customer journey management and integrating cyber, compliance, and fraud prevention measures.
Leveraging data intelligence
A significant majority (96.5%) of Asian financial institutions emphasize the importance of transaction data for fraud prevention. Additionally, device and location intelligence (86.8%) and IP address data are recognized as crucial data sources for detecting and mitigating fraudulent activities.
Machine learning
Up to 86% of Asian financial institutions are utilizing machine learning tools to detect anomalies and unusual behaviors in fraud detection. There is also a high demand for AutoML (41%) and Generative AI (28%), indicating a strong interest in advanced AI technologies to enhance fraud prevention strategies.
