Singaporeans skeptical about security measures against online or mobile fraud: Survey

Ike Suarez

Only 49% of Singapore consumers feel stores where they shop use security systems that adequately protect their financial data against hackers and data breaches.

This was according to a press statement by ACI Worldwide as it released Singapore-related data on results of a global fraud study done for it by AITE Group LLC.

Titled, "Global Consumers Concerned and Willing to Engage in the Battle against Fraud", involved a sample size of more than 6100 consumers in 20 countries.

Some other Singapore-related survey results were the following:

  • 80 % of Singaporeans think large institutions (26 %) and government agencies as law enforcement agencies (54%) do a better job of protecting their data than community banks or credit unions or small retailers and stores
  • Only 48% of consumers indicate they have confidence in the security systems online shops use to protect their data
  • 71% of consumers in Singapore prefer that their banks not post transactions to their cards until they respond to fraud alerts
  • 46 % of Singaporeans do not recall receiving any anti-fraud information from their financial institution
  • 30% of Singaporeans think theft by a computer hacker is the greatest fraud risk

Countries in the Asia-Pacific where the survey was done were Singapore, Australia, China, India, Indonesia and New Zealand.

Other countries involved in the survey were Brazil, Canada, Mexico, the United States, France, Germany, Italy, Netherlands, Poland, Russia, South Africa, Sweden, the United Arab Emirates and the United Kingdom.

The 300 consumers in each of the 20 countries were equally divided among males and females.

The Naples, Florida-based ACI Worldwide is a payments systems company that serves primarily financial institutions, retailers and electronics payments processors. Boston, Massachusetts-based AITE Group is a research and consultancy firm concentrating on business, technology and regulatory issues.