BANGKOK–(BUSINESS WIRE)–Highlights
- About 1 in 6 (15%) Thai consumers will switch to a competitor if unsatisfied with their bank’s current fraud management response
- Thais are most concerned with Account Takeover (ATO) fraud (33%), followed by card fraud (22%)
- 11 percent of Thai consumers believe banks could do more to protect them
FICO’s latest global fraud survey has revealed that about 1 in 6 Thai consumers will leave for a competitor if unsatisfied with their bank’s fraud management response. This comes at a point, post-pandemic, where almost 3 in 4 consumers say they will continue to do all of their banking online and are becoming increasingly aware of the need for strong protection against online scams.
In a market of roughly 56 million banked customers, this 1 in 6 Thai consumers represents churn of more than 8 million people, which delivers an opportunity for institutions that can best manage the problem.
More information: https://www.fico.com/en/latest-thinking/ebook/fico-consumer-fraud-survey-2021-thailand
Thais Most Concerned With ATO Fraud But May Be Neglecting Other Emerging Threats
The survey of a dozen countries revealed that Thailand exceeds the global average for ATO fraud, which occurs when an unauthorized person takes control of an account. In fact, a quarter of Thai customers have been victimized by this crime, versus 18% of the global group average.
Consequently, Thai consumers were most awake to the threat of ATO fraud….
