by Fintech Information Singapore
October 23, 2023
A current survey by Revolut, a worldwide neobank with over 35 million clients worldwide, discovered that over 20% of Singaporeans have skilled some form of fraud when purchasing on-line within the final six months.
Younger individuals aged 18-34 years previous had been essentially the most affected group (52%), whereas seniors aged 55-65+ had been the least affected group (14%).
The most typical fraud was shopping for a product which by no means arrived, adopted by faux web sites which stole clients’ card particulars and fraudulent sellers who stole clients’ cash.
When requested if they’re assured they might have the ability to spot a faux web site or deal, 48% of Singaporeans mentioned they don’t seem to be assured or they don’t know. Males had been extra assured than girls, with 57% of males saying they’re assured in comparison with 47% of girls.
85% of Singaporeans surveyed are additionally usually frightened concerning the safety of their cash after they make on-line purchases.
In current instances, as a result of elevated sophistication of fraud prevention applied sciences utilized by companies, fraudsters are shifting from ‘fraud’ to ‘scams’ .
Latest information launched by the Singapore Police Pressure revealed a 64.5% enhance within the variety of rip-off victims within the first half of 2023 (22,339) in comparison with the identical interval final 12 months (13,576). Greater than half (55%) of the victims misplaced as much as S$2000.
In response to the rising risk of fraud, Revolut is investing in bolstering its expertise pipeline to assist sort out this concern. Greater than a 3rd of Revolut’s workforce is now devoted to preventing monetary crime, with over 2,500 monetary crime consultants throughout 6 markets.
Revolut reported that it has prevented about S$335 million in potential fraud in opposition to its clients within the final 12 months.
Aaron Elliot-Gross
Aaron Elliot Gross, Revolut Head of Monetary Crime and Fraud mentioned,
“At Revolut, we’re centered on a data-driven and holistic method to buyer safety which brings collectively industry-leading expertise, prime fraud consultants and new methods of teaching our clients about find out how to defend themselves from scams.
We more and more see fraud being perpetrated by refined, organised and ruthless networks of criminals who goal our clients primarily through social media platforms and use social engineering strategies (equivalent to romance scams or funding scams) to persuade them to make funds.”
