Risk and revenue: APAC fraud prevention and the online consumer | WARC | The Feed

09 June 2021

Risk and revenue: APAC fraud prevention and the online consumer

Almost one-third of APAC businesses are focusing on revenue generation instead of security and fraud prevention, even as more than half of consumers say security is the top consideration when going online. 

Information services company Experian’s 5th Global Identity and Fraud Report assesses that amid the rise in digitalisation, the increased risk for businesses could potentially lead to long-term losses.

Why it matters

Creating a great online consumer experience is important but businesses that invest in the digital experience at the expense of fraud prevention will be targeted by fraudsters, which makes it vital to strike a balance between ensuring a top-notch digital experience and maintaining a fraud-prevention programme.

Key insights

• The report found a 16 percentage point decline in business intention to raise fraud management budgets in H2 2020, with India (59%) and Australia (57%) most likely to increase budgets, followed by Singapore (52%) and Japan (46%).
• 56% of APAC consumers say security is the most important dimension when it comes to an online experience.
• 72% of APAC consumers feel most secure while using physical biometrics or having a PIN code sent to their mobile device.
• Increased use in digital services at the start of the pandemic levelled out, with online orders of food and groceries down slightly since September 2020 although activity remains 20% higher than before pre-crisis.
• The percentage of consumers who said they remain loyal towards online brands and service providers dipped from 66% to 63%; in the four markets surveyed in APAC, it fell from a high of 70% to 60%.

Sourced from Experian