Future-proofing Fraud Prevention in Digital Channels
Malaysia Financial Institution Study
Download the market research to find out how financial institutions in Malaysia are creating longevity in insulating their digital products and channels against emerging and existing financial crimes.
56%
of Malaysian FIs see end to end platform as a competitive differentiation
54%
of FIs in Malaysia project scams to grow in 2020-21
30%
of Malaysian FIs are prioritising digital financial products providing instant gratification
Malaysia’s FIs to spend USD74.1 million on average on new fraud prevention technology
GBG’s report titled "Future-proofing Fraud Prevention in Digital Channels: Malaysia’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 Malaysia’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
Digital banking and cashless services have gone mainstream and are likely to overtake the average APAC rate of adoption this year particularly e-banking, e-statements, and e-wallet services.
Unbanked segment to be a mainstream segment focus in 2020-21 with the advancement in fraud technology today.
Social engineering attacks and first-party fraud in particular to scams and stolen IDs are top challenges in 2020-21.
Lowest fraud technology investment budget in driving forward momentum in fraud prevention.
Mobile banking and financial products providing instant gratification are prioritized by FIs in Malaysia.
Geolocation solution to help enhance fraud detection commands a higher than expected amount of interest in fraud technology investment.
End-to-end fraud management platform readiness is a key differentiation to driving digital product preference for 56% of Malaysian financial institutions.
Vertical silos are still seen in 40% of Malaysian financial institutions, and most prevalent in digital banks.