Future-proofing Fraud Prevention in Digital Channels
Indonesia’s Financial Institution Study
Download the market research to find out how financial institutions in Indonesia are creating longevity in insulating their digital products and channels against emerging and existing financial crimes
78%
of FIs are planning to offer instant credit financial products
68%
of Indonesian FIs project money mule fraud to grow in 2020-21
85%
of FIs in Indonesia create differentiation by providing better use control and personalization in e-banking interfaces
Indonesia’s FIs to spend USD88.9 million on average on new fraud prevention technology
GBG’s report titled "Future-proofing Fraud Prevention in Digital Channels: Indonesia’s FIs Study", which analyses the impact of fraud on financial institutions (FIs) across six countries and the technologies they are planning to invest in to mitigate today's fraud threats and scale to address emerging fraud patterns.
The research unveils trends and priorities of Indonesia’s FIs in the digital age, key fraud and risk management challenges in digitalisation, and technology investment plans to enable fraud insulated digital products and channels.
The report analysed a survey of 324 respondents from financial institutions in Australia, China, Indonesia, Malaysia, Thailand and Vietnam, conducted by The Asian Banker.
Findings
Instant credit products like instant loans and instant credit cards will see more rollouts.
Malware is the biggest endpoint threat for FIs in Indonesia.
The unbanked segment has pivoted to be a mainstream focus as fraud technology advances.
End to end fraud management platform readiness is a key differentiation to driving digital product preference.
Vertical silo convergence in Indonesia is ahead of APAC.
Indonesia has higher estimated fraud prevention budgets than the APAC average budget baseline.
First-party fraud is deemed as the biggest challenge, with money mules as a growing concern.