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APAC financial sector must intensify anti-fraud education efforts: ACI Worldwide

Adrian M. Reodique | Feb. 23, 2017
Consumers in the region were confident that mobile wallets were secure and mainly worried about theft by computer hacking.

Financial institutions must intensify their initiatives to educate their customers about information security to avoid fraud losses.

According to the Global Consumer Survey: Consumer Trust and Security Perceptions report of ACI Worldwide and Aite Group, consumers in the Asia Pacific (APAC) region are more concerned about protecting their financial and payments information stored in their computers than those in their mobile wallets.

The report polled 6,000 consumers across 20 countries including Australia, India, Indonesia, New Zealand, Singapore, and Thailand.

Around 80 percent of all the APAC respondents were confident with the security of their mobile wallets.

The top fraud concern is theft by computer hacking (37 percent in Indonesia, 33 percent in India, 31 percent in Thailand).

However, ACI Worldwide reminded the consumers to stay vigilant, especially as mobile fraud incidents are on the rise.

The report indicated that even though many financial institutions provide anti-fraud education and training, the level of anti-fraud message awareness is low. Less than 50 percent of the respondents in Singapore, Australia, and New Zealand claimed to have seen some sort of anti-fraud education last year.

"This data is a further wake-up call to the broader payments industry - including merchants, banks and financial intermediaries - that we must proactively educate consumers about security measures that are in place. [This helps] allay consumer concerns, which will not only result in enhanced customer experiences, but also help to reduce fraud losses," said Andreas Suma, Vice President and Global Lead, fraud and data at ACI Worldwide, in a press release.

"Moreover, consumers must become more proactive in securing their personal data by using the fraud prevention measures and services offered by their financial institutions," added Suma.

Majority of the consumers are also willing to receive a call or text message on their mobile phones to help mitigate fraud.

"This willingness opens opportunities for financial institutions to optimise the ways in which they reach out and communicate with consumers, ultimately improving the customer experience while reducing operational costs and fraud losses," said Shirley Inscoe, Senior Analyst at Aite Group.

 

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