A latest examine by Jumio, a supplier AI-driven id verification and compliance options, has discovered that 78% of customers in Singapore are prepared to alter banks as a consequence of insufficient fraud safety.
The Jumio 2024 On-line Id Research highlights rising issues amongst customers about their banks’ potential to safeguard in opposition to fraud, with 75% globally and 78% in Singapore indicating they’d change suppliers over these points.
The examine, which surveyed over 8,000 adults throughout the UK, United States, Singapore, and Mexico, reveals that 75% of customers consider their banks are in the end liable for defending them in opposition to cybercrime and fraud.
The rising sophistication of fraud techniques, corresponding to deepfakes and voice cloning, has heightened these issues.
Deepfake expertise is getting used extra continuously to trick customers into revealing delicate info, driving a good portion of the nervousness.
In Singapore, 78% of respondents are notably nervous about their financial institution’s efforts to fight deepfake-powered fraud, in comparison with the worldwide common of 67%.
Moreover, 74% of Singaporeans demand stronger cybersecurity measures, increased than the worldwide common of 69%.
The expectation for monetary establishments to supply strong fraud safety is rising, with three-quarters of customers anticipating a full refund in the event that they fall sufferer to cybercrime.
Anna Convery
“This knowledge ought to be a wake-up name to banks and monetary establishments — your prospects will take their enterprise elsewhere in the event you don’t shield them from fraud. As cybercriminals change into extra savvy with their techniques, it’s important to combat AI with AI.
Banks should implement multimodal, biometric-based verification techniques that layer in liveness detection and different superior applied sciences to cease deepfakes, detect digital camera injection and presentation assaults, and forestall stolen private info from getting used.”
stated Anna Convery, CMO of Jumio.
Featured picture credit score: Edited from Freepik
