Jumio has launched new research that finds 78% of consumers in the region of Singapore are ready to switch banks over inadequate fraud protection. Following this announcement, the provider of automated, AI-driven identity verification, risk signals, and compliance solutions Jumio released new findings from its new survey entitled Jumio 2024 Online Identity Study.

This year's results highlight the growing anxiety among clients and users based on the weaknesses in their banks’ fraud-protection measures, which could leave them exposed to scammers and fraudsters. This would result in the vast majority (75%) switching banks and providers, a figure that currently rises to 78% in the region of Singapore. .

More information on the announcement As deepfakes and voice cloning become easier to generate, schemes in which scammers or fraudulent pretend to be anything from prospective romantic partners to a family member in crisis have the overall potential to target far more individuals, as well as with a higher rate of success. Junio’s study examined the views of more than 8.000 adult clients, split evenly across the regions of the UK, the US, Singapore, and Mexico. The data also revealed that 75% of users feel that their banking solutions provider bears ultimate responsibility for protecting them against fraud, financial crime, and cybercrime.

In addition, the survey mentions that as cybercrime becomes more sophisticated, it’s essential to fight AI with AI, and banks must also implement multimodal, biometric-based verification systems that layer in liveness detection, alongside other advanced technologies to stop deepfakes, detect camera injection and presentation attacks, as well as prevent stolen personal information from being used. The technology used by fraudsters is becoming more and more sophisticated, and the products needed to prevent and detect scams must evolve as well. At the same time, deepfake videos are being leveraged as clickbait to drive traffic to malicious websites to harvest card payment information and details.

With the anxiety around deepfake technology at an all-time high, the survey showed that 78% of customers in the region of Singapore are concerned about whether their bank or financial institution is doing enough in order to protect users against deepfake-powered fraud. This surpasses the global average of 67% as well. In addition, the demand for stronger cybersecurity measures in general is also notably higher in Singapore, at 74%, contrasting with the global figure of 69%.

The rise in deepfake-powered fraud also intensifies the pressure on financial solutions firms and companies in order to compensate victims when their platforms are exploited for scams while highlighting the need for robust fraud detection platforms as well. Furthermore, three-quarters of users (representing 75%) expect a full refund from their bank if they are the victim of cybercrime. .