E-commerce in the Asia-PAcific region (APAC) is thriving,with 71 per cent of consumers having made online purchases, but the risk of online fraud for consumers is rocketing.
Results from Experian’s Digital Consumer Insights 2018 report show that the demand for online convenience is linked to a heightened threat of fraud, with one in five consumers having already fallen victim The report, published by Experian and co-authored with advisory firm IDC, is based on a consumer survey across ten APAC markets: Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, Thailand and Vietnam.
The study delves into how well businesses mitigate fraud risk through the eyes of their customers. It found that as brands and consumers look for ever-easier ways to buy and sell products online and via mobile devices — with electronics, travel and groceries being the most popular — the opportunity for online fraud is escalating.
The report also found that while consumers in Thailand are the most willing to adopt biometrics for non-commercial purposes, they also have the highest error rate in the submission of personal data.
Republished with permission from The Nation