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
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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%).

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