FILIPINO financial consumers are growing wary of cybercrime among banks and other online accounts, as a recent survey showed that 2 out of 5 Filipinos consider scam protection as a main consideration in opening an online financial account.
International data analytics company Fair, Isaac and Co. (Fico) said its latest global consumer fraud survey has revealed that 2 in 5 Filipino consumers say good fraud and scam protection is their top consideration when looking to select a new financial account.
The survey also showed that a further 1 in 4 say it is the second most important consideration.
FICO’s survey also showed that Filipinos are growing wary because more and more are being victims of online scam and fraud.
Results showed that 4.5 percent of adult Filipinos – which is equivalent to 5 million—know they’ve been a victim of identity theft. An additional 6 percent think “it is likely” that their identity has been used to open an account.
“With around 57 million banking customers in the Philippines, if 40 percent of consumers are filtering financial providers to find those with the strongest fraud protection, that’s a market of more than 23 million,” said CK Leo, FICO’s lead for fraud, security and financial crime in Asia Pacific.
“This is a significant opportunity and shows that good fraud protection can be a bank’s biggest sales asset rather than just an overhead,” the official added.
The bad news is, Filipinos are…
