TEMPO.CO, Jakarta – FICO’s latest global fraud survey has revealed that 1 in 6 Indonesian consumers will leave for a competitor if unsatisfied with their bank’s fraud management response. This comes at a point, post-pandemic, where 67 percent 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.
With Indonesia boasting roughly 135 million banking customers, this 1 in 6 Indonesian consumers still represents a churn of roughly 21 million people which delivers an opportunity for institutions that can best manage the problem.
Indonesians Most Concerned with ATO Fraud But May Be Neglecting Other Emerging Threats
The survey of a dozen countries revealed that Indonesian customers were most concerned about ATO Fraud (34%), followed by identity theft (29%). However, only 23 percent of customers have experienced ATO fraud, so the percentage of customers concerned about ATO fraud significantly exceeds those that have experienced it.
At the same time, there are other emerging scams that Indonesians may not be paying enough attention to. While just 17 percent of Indonesian customers are most concerned with card fraud, more than 70 percent of internet credit card transactions attempted in Indonesia are fraudulent. In addition, although more than half (54%) of customers in Indonesia plan to use real-time payments more in the coming year, only 10 percent are most concerned with being…
