Online Security Front Of Mind For Singapore's Bank Clients

Editorial Staff

9 December 2024

Singapore’s banking clients put stronger online security at the top of their wish list when it comes to innovation, according to a survey of more than 1,000 customers from showed that during the next two years, financial institutions plan to boost their investments in cybersecurity by 28 per cent on average; impacting their internal security protocols, as well as the way in which they engage with third-party technology vendors.

In its study, FIS said that when it comes to customer experience, the top priority for surveyed consumers is feeling confident that their personal information and assets are secure. While 86 per cent consider this extremely or very important, 68 per cent are satisfied with their bank’s performance in this area.

In other findings, 92 per cent of surveyed consumers said that they worry about online banking fraud. Most of those surveyed (56 per cent) think that online banking fraud attempts have risen in the past 12 months, versus 27 per cent who think it hasn’t changed.

Almost a quarter of Singaporeans surveyed have been a victim of online banking fraud.

Fraud incidents were most widespread amongst surveyed Millennials (28 to 42-year-olds) (34 per cent), and least prevalent amongst surveyed Boomers (aged 59+) (12 per cent).

Cybersecurity is certainly a concern across the wealth spectrum, as shown by this report earlier this year from JP Morgan Private Bank about the views of family offices.