One in six Indonesian consumers will leave for a competitor if unsatisfied with their bank’s fraud management response, said a recent report by FICO. According to the report, Indonesia boasting roughly 135 million banking customers, so this still represents a churn of roughly 21 million people which delivers an opportunity for institutions that can best manage the problem. Currently, 13% of Indonesian consumers think banks could do more to protect them. Around 34% of Indonesians are most concerned about account takeover (ATO) fraud, followed by identity theft (29%).
All of these findings comes on the back of the pandemic, where 67% of consumers say they will continue to do all their banking online. Indonesia also reported a higher rate of fraud than most markets in the survey.
In Indonesia, 47% of survey respondents say they have reported actual or suspected fraud or scams to their banks, which is higher than the global average of 41%.
Despite this, most customers in Indonesia (85%) say their banks do enough to keep their money safe. Just 13% think banks could do more, but this still equates to a potential of more than 17 million customers holding negative perceptions. When it comes to convenience, 44% of customers in Indonesia are most irritated by transaction alerts for fraud that are late or never arrive. A further 29% of customers dislike banks changing the methods used to authenticate customers.
“The uptick in adoption of digital payment…
