FICO Survey: Close to 1 in 2 Thais Worried About Being Scammed As Real-Time Payment Risks Grow

Rhea-AI Summary

FICO's latest survey reveals that 45% of Thais are most worried about being tricked into making payments to criminals, highlighting the rising concern over real-time payment fraud. Furthermore, 25% cite identity theft as their top financial crime concern, with 61% believing they have or might have been victims. Interestingly, 36% of Thai consumers prioritize fraud protection when choosing new financial accounts. The rapid adoption of real-time payments in Thailand makes it a hotspot for scammers, necessitating heightened vigilance. The survey, conducted in November 2023, involved 1,002 Thai adults and around 12,000 consumers globally.

Positive

• 45% of Thais are aware of and concerned about payment fraud, indicating a high level of public awareness.
• 36% of Thai consumers consider fraud protection as the top priority when selecting new financial accounts.
• The survey was comprehensive, covering 1,002 Thai adults and about 12,000 consumers globally, providing robust data.

Negative

• 12% of Thais reported their identities being stolen and used to open financial accounts, much higher than in other surveyed countries.
• 61% of Thais believe they have been or might have been victims of identity theft, reflecting widespread vulnerability.
• Despite the awareness, a dissonance exists with 17% believing they haven't been victims and only 14% confident their identity remains untouched.

45% of Thais are most concerned about being tricked into making payment to a criminal

BANGKOK--(BUSINESS WIRE)-- (NYSE: FICO)

Highlights

• Payment Fraud is the top financial crime concern for 45% of Thais
• Identity theft worries persist, with 61% believing they have or might have been victims
• 36% of Thai consumers name fraud and scam protection as their top consideration for new financial accounts

FICO, a leading global analytics software firm, today unveiled its latest global consumer fraud research, shedding light on Thais' ongoing apprehension regarding real-time payment scams amid the growing adoption of new, convenient, and fast payment channels. According to the study, the primary worry for Thais remains the risk of being tricked into sending money to criminals (45%), which exposes individuals to instant, irrevocable losses rarely eligible for reimbursement.

Additionally, concerns about identity theft persist, with 25% of Thais citing it as their top financial crime concern. This type of fraud carries additional risks beyond financial loss, such as compromised credit scores and the challenging process of restoring financial integrity.

More information: https://www.fico.com/en/latest-thinking/ebook/consumer-survey-2023-digital-banking-customer-preferences-and-fraud-controls

“The rapid adoption of real-time payment in Thailand has made the country a key target for scammers in the region,” said C K Leo, FICO’s lead for fraud, security and financial crime in Asia Pacific. “Amidst Thais’ growing concerns about payment scams and as the adoption of real-time payments surges, we're witnessing a transformative shift in financial behaviour. Yet, with rapid digitisation comes an urgent need for heightened vigilance against fraudsters lurking in the digital realm.”

Awareness of identity theft in Thailand among the highest in Asia

Concerningly, the rate of respondents who reported their stolen identity being used to open a financial account was considerably higher in Thailand than in the other countries surveyed. 12% of Thai stated that their identity had been stolen and used to open an account by a fraudster, while this was reported by only 5% of Filipinos and 3% of Indonesians. Given Thailand’s adult population, this 12% translates to over 8.6 million individuals.

However, despite widespread concern about identity theft, there remains a dissonance between perception and reality among Thais. About 17% believe it unlikely they've been a victim, while 31% see it as possible, and 14% are confident their identity remains untouched.

“While some may downplay the risk of identity theft in Thailand, millions remain vulnerable,” added Leo. “This underscores the need for heightened awareness and proactive measures. By breaking down silos and integrating identity verification and fraud detection processes, we can streamline applications and bolster trust in legitimate customers.”

Thais Seek a Balance Between Good Fraud Protection and Convenience

When selecting a new provider for a financial account, respondents identified robust fraud protection and ease of use as their top priorities. Notably, good fraud protection was far ahead, ranked as the most important quality by 36% of Thai consumers, while ease of use was also prioritized by 36%. Other factors, such as good customer service, strong anti-money laundering policies, sound environmental practices, ethical use of customer data, fair treatment, and good value for money, were considered significantly less important.

"Fraud protection is increasingly seen as a selling point rather than just a cost center for banks,” concluded Leo. “Consumers are highly aware that most theft threats are now online, making robust fraud protection a critical factor in their decision-making process."

The survey was conducted in November 2023 by an independent research company adhering to research industry standards. 1,002 Thai adults were surveyed, along with approximately 12,000 other consumers in Canada, U.S, Brazil, Colombia, Mexico, India, Malaysia, Indonesia, the Philippines, Singapore, U.K. and Spain.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240522346026/en/

Lizzy Li

RICE for FICO

+65 9034 7768

lizzy.li@ricecomms.com

Saxon Shirley

FICO

+65 9171 0965

saxonshirley@fico.com

Source: FICO

FAQ

What percentage of Thais are concerned about payment fraud according to FICO's survey?

According to FICO's survey, 45% of Thais are concerned about payment fraud.

When was the FICO survey conducted?

The FICO survey was conducted in November 2023.

How many Thai adults participated in the FICO survey?

1,002 Thai adults participated in the FICO survey.

What do 36% of Thai consumers prioritize when selecting new financial accounts?

36% of Thai consumers prioritize fraud protection when selecting new financial accounts.

How many Thais believe they have been victims of identity theft?

61% of Thais believe they have been or might have been victims of identity theft.