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Key Insights from the True Cost of Fraud Study for Singapore

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See how multi-layered solutions uncover identity fraud risk

2019 LNRS TCOF Study Singapore

As identity fraud continues to impact businesses in Singapore, the use of more advanced fraud mitigation solutions is still limited. Facing the proliferation of synthetic identities and a dramatic increase in bot attacks leaves many Singaporean businesses struggling to effectively combat the cost and operations impacts of Identity fraud.

Our in-depth look into the 2019 LexisNexis® Risk Solutions True Cost of FraudSM Study for Singapore illustrates a comprehensive overview of the current state and cost of identity fraud. Built with research gathered from executives representing a wide range of industries, the study provides a snapshot of how identity fraud has increased across Singapore and explores the direct cost and operational impacts. The study provides a look into the transaction channels and payment methods that pose the greatest identity fraud risks and details the challenges many businesses face when combatting identity fraud. The study also highlights how a multi-layered technology strategy strengthens identity fraud prevention efforts and lowers costs.

For every fraudulent transaction, the cost to Singaporean businesses is actually 3.45 times the amount of the lost transaction value. This translates to fraud costs amounting to 1.57% of annual revenues overall. As businesses in Singapore offer more channels and serve customers across a wider geographic area, the threat of identity fraud is a growing obstacle. Our study walks through the market factors contributing to the increase of fraud in Singapore, such as:

  • The rapid rise of e-commerce and m-commerce
  • Effectively completing customer identity verification across online channels
  • Expansion and frequency of cyberattacks
  • Lack of optimal fraud prevention strategies and low adoption of advanced technologies

The study also explores common fraud prevention challenges facing businesses in Singapore, including:

  • Verification of customer identity
  • Inability to determine source/origin of transaction
  • Email or device authentication
  • Phone verification

An important highlight from our 2019 True Cost of Fraud Study centers around the imperative for businesses to authenticate both digital and physical criteria as well as identity and transaction risk. To successfully accomplish this objective, businesses must incorporate a multi-layered fraud defense strategy that integrates a variety of technology tools to support:

  • Velocity checks
  • Transaction scoring
  • Identity verification
  • Active ID Authentication
  • Digital Identity Risk Assessment
  • Behavioral Biometrics

Our study details the types of multi-layered fraud prevention solutions businesses in Singapore are taking advantage of to reduce false positives and lower cost impacts.

Understand the current fraud climate in Singapore with this in-depth look from the LexisNexis® Risk Solutions True Cost of FraudSM Study for Singapore. You’ll see what critical considerations your business can undertake to improve your fraud defenses and gain industry-driven insights into the best tools and technology for preventing identity fraud. Take a closer look at the complete study now.

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This document is for educational purposes only and does not guarantee the functionality or features of LexisNexis products identified. LexisNexis does not warrant this document is complete or error-free. LexisNexis and the Knowledge Burst logo are registered trademarks of RELX Inc., used under license. LexisNexis Fraud Multiplier is a service mark of RELX Inc.  True Cost of Fraud is a service mark of LexisNexis Risk Solutions Inc.  Copyright © 2019 LexisNexis. 

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