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Close to six in 10 (59%) of financial services companies in the Asia-Pacific region are keen to invest in fraud detection systems, according to research by information services firm Experian.
The study, titled Fraud Management Insights 2017, surveyed 3,200 consumers and over 80 organisations in 10 markets in the region – Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, Thailand, and Vietnam.
According to the data, real-time fraud detection was the runaway top priority at 59%, far exceeding multi-factor authentication at second place with 22%. Developing innovative technologies was third at 19%, followed by digital security at 11% and software updates with 9%.
Almost half (44%) of financial services firms in the region said that fraud incidents have become more common. The top method was online fraud, followed by credit card fraud, malware in online channels, identity theft, and malware in mobile channels.
“Financial services companies are focusing on the real-time detection of fraud because they are at the frontline of attacks, and they realised that it is no longer enough to mitigate incidents only after it happens,” said Mohan Jayaraman, regional managing director for decision analytics and business information, Experian Asia-Pacific.
“Across the board, companies are seeing the scale and variety of fraud growing into 2018 and with customers expecting seamless and fast digital transactions, they require proactive measures to balance security and customer experience.”
