Singapore – With the increasing prevalence of online fraud, a recent survey from global financial tech firm FIS revealed that security emerged as the top online banking priority among Singaporeans.
Said concern was further found among their top innovation wishlist, noting “money lock” as the most sought-after innovation, ranking above features such as cardless withdrawals and voice-activated virtual assistants.
According to the report, 92% of the respondents expressed concern about online banking fraud, with the majority (56%) indicating an uptick in fraud attempts over the last 12 months, compared to 27% who feel it has stayed consistent.
Nearly a quarter have disclosed that they had fallen victims to online banking fraud, highlighting the problem as a pressing concern.
Additionally, the survey revealed that around 51% of fraud victims reported their banks took full responsibility and issued a complete refund. In contrast, 32% received only a partial refund. Moreover, 53% of respondents expected banks to assume full responsibility for fraud, regardless of the circumstances.
Data from the findings further found most respondents seek a balance of convenience and security across the full spectrum of online banking interactions.
In each category, only a minority of respondents sought convenience over security. Gen Zs (18-27-year-olds) were more focused on convenience in areas such as checking balances and statements, whereas the Boomers were much more conservative across the board.
Meanwhile, when it comes to customer experience, the highest priority for surveyed consumers is ensuring the security of their personal information and assets.
While 86% view this as extremely or very important, only 68% are satisfied with their bank’s efforts in this regard.
Kanv Pandit, head of corporates and international banking at 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 are protected,” he added.
Pandit further concludes, “Examining attitudes towards balancing security and convenience, it is clear that consumers want fast and seamless experiences in today’s digital age, however, not at the expense of security. FIS is committed to helping banks unlock financial technology to combat scams and close the satisfaction gap. Banks must act swiftly or risk customers switching banks if security is perceived as not strong enough, particularly around investing and moving money.”
