Global analytics software firm FICO has unveiled the results of its latest survey, which underlines the apprehensions of Malaysians concerning real-time payments and the associated risks. The survey points to a growing trend of real-time payment scams, which is causing significant concern among citizens.
According to a news release dated May 20, the recent FICO survey indicates that a substantial number of Malaysians are wary about falling victim to scams through real-time payment channels. The primary concern for many is "being tricked into sending money to criminals." This fear was expressed by 32% of respondents, as such losses are immediate and often not eligible for reimbursement.
C K Leo, FICO's lead for fraud, security and financial crime in Asia Pacific, commented on the situation in a May 20 news release about FICO’s findings. He said, "Malaysia’s adoption of real-time payments continues to accelerate, with 92% of adults having sent a real-time payment and 55% expecting to increase their use over the next year. As the adoption of real-time payments surges, driven by platforms like Boost, Touch & Go (TnG), and GrabPay, we're witnessing a transformative shift in financial behaviour. Yet, amidst this rapid digitisation comes an urgent need for heightened vigilance against fraudsters lurking in the digital realm."
The data for this survey was collected from 6,000 consumers across Malaysia, Thailand, Indonesia, Philippines, India and Singapore. The full report can be accessed at the FICO resource center.
However, there seems to be a disparity between people's perception of being scammed and reality. While 32% believe it's unlikely they've been victimised by scams, only 17% are confident that their identity remains intact. A mere 7% have reported incidents where their stolen identity was used to open a financial account; this figure marks an increase from nearly 6% in 2022, according to the May 20 news release.
Leo further emphasised the importance of proactive measures against identity theft. He said, "While some may downplay the risk of identity theft in Malaysia, millions remain vulnerable. This underscores the need for heightened awareness and proactive measures. By breaking down silos and integrating identity verification and fraud detection processes, we can streamline applications and bolster trust in legitimate customers."