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Deepfake-powered fraud spurs Singaporean clients to urge stronger cybersecurity defence: report

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Azunta Gaviola

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2 weeks ago

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Singapore – Around 74% of Singaporean clients demand stronger cybersecurity measures, contrasting with the global figure of 69%. This is according to the latest research by the software development firm Jumio.

In this report, a significant rise in deep fake-powered fraud was observed, signalling intensified pressure on financial solutions firms and companies to compensate victims when their platforms are exploited for scams, emphasising the necessity for stronger fraud detection platforms.

Data from the findings also found a growing anxiety among clients and users based on the weaknesses in their banks’ fraud-protection measures, which could leave them exposed to scammers and fraudsters.

This is expected to result in approximately 75% of consumers switching banks and providers, a figure that currently rises to 78% in the region of Singapore.

Furthermore, it was also revealed that around 75% of users feel that their banking solutions provider bears ultimate responsibility for protecting them against fraud, financial crime, and cybercrime. 

This implies the importance of combating AI with AI, and banks must also implement multimodal, biometric-based verification systems that layer in liveness detection alongside other advanced technologies to stop deepfakes, detect camera injection and presentation attacks, and prevent stolen personal information from being used.

In addition, the survey showed that 78% of customers in the region of Singapore are concerned about whether their bank or financial institution is doing enough in order to protect users against deep-fake-powered fraud. This surpasses the global average of 67% as well.

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