Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security – Fintech Singapore

A recent study by Jumio, a provider AI-driven identity verification and compliance solutions, has found that 78% of consumers in Singapore are ready to change banks due to inadequate fraud protection.

The Jumio 2024 Online Identity Study highlights rising concerns among consumers about their banks’ ability to safeguard against fraud, with 75% globally and 78% in Singapore indicating they would switch providers over these issues.

The study, which surveyed over 8,000 adults across the United Kingdom, United States, Singapore, and Mexico, reveals that 75% of consumers believe their banks are ultimately responsible for protecting them against cybercrime and fraud.

The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has heightened these concerns.

Deepfake technology is being used more frequently to trick consumers into revealing sensitive information, driving a significant portion of the anxiety.

In Singapore, 78% of respondents are particularly worried about their bank’s efforts to combat deepfake-powered fraud, compared to the global average of 67%.

Additionally, 74% of Singaporeans demand stronger cybersecurity measures, higher than the global average of 69%.

The expectation for financial institutions to provide robust fraud protection is growing, with three-quarters of consumers expecting a full refund if they fall victim to cybercrime.

Anna Convery

“This data should be a wake-up call to banks and financial institutions — your customers will take their business elsewhere if you don’t protect them from fraud. As cybercriminals become more savvy with their tactics, it’s essential to fight AI with AI.

Banks must implement multimodal, biometric-based verification systems that layer in liveness detection and other advanced technologies to stop deepfakes, detect camera injection and presentation attacks, and prevent stolen personal information from being used.”

said Anna Convery, CMO of Jumio.

Featured image credit: Edited from Freepik

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• Source: https://fintechnews.sg/97777/security/jumio-study-deepfakes-fraud-fears-drive-demand-for-stronger-bank-security/