The true cost of Singapore fraud is soaring as a result of remote channels including e-commerce and m-commerce. With 26% of Singaporeans shopping online at least once a week, by far the highest percentage per capita in South East Asia, the Singapore economy is booming. But, at the same time, so is the risk of fraud.
For every fraudulent transaction, the cost to Singaporean businesses is 3.45 times the amount of the lost transaction value. This translates to fraud costs amounting to 1.57% of annual revenues overall.
Current fraud processes are labor intensive resulting in negative customer experiences and lost revenue. Coupled with an explosion of synthetic identities and a dramatic increase in bot accounts, identity fraud is taking its toll on businesses. It is vital for businesses to accelerate their fraud prevention strategy with a multi-layered fraud solution. The integration of velocity checks, transaction scoring, identity verification, active ID authentication, digital identity risk assessment and behavioral biometrics provides the strategic advantage over fraudsters.
When used effectively, these tools have the capability to authenticate both digital and physical criteria as well as identity and transaction risk. By benchmarking your fraud defenses against the current strong threats, the true cost of Singapore fraud can be lowered in impact.
To find out more about safeguarding Singapore financial institutions from insidious threats with a robust fraud and security technology platform, download the infographic or access the LexisNexis® Risk Solutions 2019 True Cost of FraudTM study.