Asia Pacific companies focus on establishing a secure digital payment environment

In the Asia Pacific Fraud and Identity Insight Report 2019, 60% of respondents in the Asia-Pacific region have a high level of trust in banks and insurance companies to process their personal data.

Experian, a consumer credit reporting company, surveyed the views of more than 6,000 consumers and more than 590 companies across multiple countries, studying how consumer trust is built in a modern digital environment.

In its findings, Experian mentioned that the threat of global fraud risk continues to grow. 55% of the companies surveyed claimed an increase in losses related to cyber fraud, mainly around the opening of accounts and the takeover of accounts, both of which were highly destructive to the brand’s reputation. In addition, amid growing concerns about fraud, companies are also focusing resources on analyzing the impact of fraud on their bottom lines.

Since the interaction between business and consumers occurs frequently on digital channels, the establishment of an environment characterized by security and mutual trust should be a top priority. The report shows that consumers have a much higher digital experience than previously expected, especially in mainland China.

Chinese mainland enterprises attach more importance to the security of customers’ digital payment. Of the mainland Chinese companies surveyed, 48% preferred access permits, while 57% per cent were willing to create a safer trading environment for consumers through more personal data on their phones.

Mobile payment consumers currently encounter four security authentication methods: password, PIN code, physical biometric identification and security issues.

In the asia-pacific region, three-quarters of digital payment consumers believe that the introduction of biometric recognition in digital payment will further enhance their sense of security in digital payment.

The data showed that 60% per cent of respondents in the Asia-Pacific region had a high level of trust in banks and insurers to process their personal data, followed by the Government (57%) and payment service providers (56%). Consumers in mainland China trust government agencies The most (66%), followed by banks and insurance companies, and payment system providers.