Building trust in digital channels: Asia Banking & Finance Study

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Key findings

Emerging Financial Crime Typologies

Financial institutions in Asia, particularly in Singapore, Malaysia, Vietnam, the Philippines, Indonesia, and Thailand, are increasingly concerned about social engineering scams, pretexting, phishing (54%), and endpoint threats such as bot attacks, malware, account takeovers, ransomware, and data breaches (48%).

Impact of Digital Transformation

As part of their digital transformation strategy, 42% of Asian financial institutions have adopted a single platform for fraud risk management, while 30% still operate with siloed platforms. This shift is aimed at enhancing end-to-end customer journey management and integrating cyber, compliance, and fraud prevention measures.

Leveraging Data Intelligence

A significant majority (96.5%) of Asian financial institutions emphasize the importance of transaction data for fraud prevention. Additionally, device and location intelligence (86.8%) and IP address data are recognized as crucial data sources for detecting and mitigating fraudulent activities.

Machine Learning

Up to 86% of Asian financial institutions are utilizing machine learning tools to detect anomalies and unusual behaviors in fraud detection. There is also a high demand for AutoML (41%) and Generative AI (28%), indicating a strong interest in advanced AI technologies to enhance fraud prevention strategies.

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