Asia FIs study | Fraud prevention trends

Combatting escalating fraud in a digital world

Download our report to find out how financial institutions in Asia are safeguarding their digital products and channels in an age of increased digital adoption.


of FIs expect an increase in scams in the upcoming year


of FIs face challenges in meeting past regulations


of FIs refresh their fraud detection solutions annually

Over 80% of financial institutions use machine learning tools in their fraud detection and prevention processes.

In this report, we analyse the emerging trends in the increasingly digital world of financial institutions (FIs) across seven countries and their digitalisation priorities and existing gaps in fraud prevention and mitigation.

The study gauges the digitalisation priorities of FIs, assessing key fraud and security challenges, as well as evaluating the existing gaps that need to be overcome to mitigate fraud in a rapidly digitalising world.


Digitisation acceleration driven by the pandemic is expected to gain further momentum in digital transactions over the next 3 years. Financial institutions are focusing on strong digital propositions to meet customer requirements and experience.

Fraud and cybercrime escalate as digitalisation continues. Scams continue to be the most challenging and persistent threat, with money laundering and malware expected to grow.

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Regulatory control intensifies to protect customer interests. FIs find it most challenging to meet compliance costs as they expand digital products.

Data integration key gaps included inadequate data standardisation and fragmented data as the top challenges in fraud management.

Organisational integration improves across compliance, cybersecurity and fraud functions compared to 2020. However, vertical silos were still visible in one third of FIs.

Increased machine learning adoption across the region with the highest adoption rates coming from China, to optimise for intelligent insights and timely action. Leading institutions use artificial intelligence to help improve fraud detection efficiency and accuracy.

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Threat detection technology prioritised in 2022 as FIs focus on technology proactively and refreshing solutions annually. Fraud management solutions in onboarding and online transactions, alongside tools for malware and bot detection and link analysis are being prioritised.

Continual skill development from the organisational design, processes, and human resource development perspective are critical in managing and mitigating potential risks. Most FIs are continually upgrading staff capabilities, focusing on skill development and training to meet future fraud control needs.

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