Global Survey by Censuswude, found 78% of consumers in Singapore ready to switch banks over inadequate fraud protection, additionaly a new research from Jumio reveals 74% of Singapore customers demand stronger cybersecurity measures as confidence in bank protections wanes, compared to 69% worldwide.
Jumio said banks have long had to deal with impersonation fraud. But as deepfakes and voice cloning become easier to generate, schemes in which scammers pretend to be anything from a prospective romantic partner to a family member in crisis have the potential to target far more people and with a higher rate of success.
The study examined the views of more than 8,000 adult consumers, split evenly across the United Kingdom, United States, Singapore, and Mexico. The data revealed that 75% of consumers feel their banking service provider bears ultimate responsibility for protecting them against cybercrime and fraud.
“This data should be a wake-up call to banks and financial institutions — your customers will take their business elsewhere if you don’t protect them from fraud,” said Anna Convery, Jumio CMO. “As cybercriminals become more savvy with their tactics, it’s essential to fight AI with AI. Banks must implement multimodal, biometric-based verification systems that layer in liveness detection and other advanced technologies to stop deepfakes, detect camera injection and presentation attacks, and prevent stolen personal information from being used.”
As the technology used by fraudsters becomes more sophisticated, the tools to prevent and detect scams must evolve as well. Deepfake videos are being used as clickbait to drive traffic to malicious websites to harvest card payment details. With high anxiety around deepfake technology at an all-time high, 78% of consumers in Singapore are concerned about whether their bank is doing enough to protect customers against deepfake-powered fraud, surpassing the global average of 67%. The demand for stronger cybersecurity measures in general is also notably higher in Singapore at 74%, contrasting with the global figure of 69%.
The rise in deepfake-powered fraud intensifies the pressure on financial services firms to compensate victims when their platforms are exploited for scams, highlighting the need for robust fraud detection platforms. Additionally, three-quarters of consumers (75%) expect a full refund from their bank if they are the victim of cybercrime.
