Digital wallet fraud on the rise in Singapore: LexisNexis

Nurdianah Md Nur
Nurdianah Md Nur7/18/2022 06:08 PM GMT+08  • 2 min read
Digital wallet fraud on the rise in Singapore: LexisNexis
Since every US$1 lost to fraud now costs Singaporean firms US$3.91, they must strengthen their fraud detection capabilities to stay ahead. Photo: CardMapr/Unsplash
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

As digital wallets gain popularity especially for e-commerce activities in Singapore, they are increasingly becoming a target for cybercriminals.

According to The True Cost of Fraud APAC study by LexisNexis Risk Solutions, mobile apps are the largest source of fraud costs, with some e-commerce businesses reporting a 10% increase in fraudulent mobile transactions. Third-party synthetic identity and friendly first-party fraud made up a sizeable proportion of fraud losses.

Some of the top challenges local e-commerce firms face when it comes to fraud detection include lack of identity information about payment service providers’ customers (69%), high volume of transactions (61%), and difficulty in determining transaction location (52%).

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.