Jumio’s latest research reveals that 74% of Singaporean clients are calling for stronger cybersecurity measures from their banks. The study, part of Jumio’s 2024 Online Identity Study, highlights that 78% of consumers in Singapore are willing to switch banks if they feel their fraud protection is insufficient. This figure underscores a growing concern over the adequacy of current fraud prevention methods, which could leave clients vulnerable to scams and cyber threats.
The study, which surveyed over 8,000 adult clients across the UK, US, Singapore, and Mexico, indicates a widespread anxiety about fraud and cybercrime. In Singapore, 75% of users believe that their banking providers are responsible for safeguarding them against financial crime and cyber threats. The report stresses the importance of advanced technologies, such as multimodal biometric verification and AI-driven detection systems, to counter sophisticated threats like deepfakes and voice cloning.
As cybercrime technology advances, so does the need for banks to enhance their fraud detection and prevention measures. Jumio’s findings also point out that deepfake technology is increasingly used to deceive and defraud individuals, highlighting the urgent need for banks to implement robust anti-fraud systems. In Singapore, the concern over deepfake-powered fraud surpasses the global average, with 78% of customers worried about their bank’s ability to protect them.
Moreover, the study reveals that 74% of clients in Singapore are demanding improved cybersecurity measures, compared to 69% globally. The heightened demand reflects an increased expectation for banks to not only protect against but also respond to fraud effectively. Additionally, 75% of users expect to receive a full refund from their bank if they fall victim to cybercrime, emphasizing the need for banks to provide strong protection and compensation mechanisms.
