Singaporeans Struggle to Identify Online Fraud, Says Revolut Survey

A recent survey conducted by global neobank, Revolut, reveals that more than 20% of Singaporeans have been victims of online fraud while shopping in the past six months. The most impacted demographic were young people aged between 18 and 34, with 52% having experienced some kind of fraudulent activity. In contrast, seniors aged 55 and above were the least affected group, at 14%.

Common Types of Online Fraud

According to the survey, the most prevalent form of fraud was the purchase of products that never arrived. Other common scams involved counterfeit websites that extracted customers’ card details and fraudulent sellers who took customers’ money. The survey also showed that 48% of Singaporeans are unsure or lack confidence in their ability to identify a fake website or deal.

Online Security Concerns

The study also highlighted that a significant 85% of respondents are generally concerned about the security of their money when making online purchases. Men were found to be slightly more confident than women in identifying fraudulent online activities, with 57% of men expressing confidence compared to 47% of women.

Increase in Scam Victims

The Singapore Police Force’s recent data showed a 64.5% increase in the number of scam victims in the first half of 2023, compared to the same period in the previous year. Over half of these victims lost up to S$2000. This rise in scams is attributed to increased sophistication in fraud prevention technologies, causing fraudsters to shift their focus from fraud to scams.

Revolut’s Response to Rising Fraud

In response to the escalating threat of fraud, Revolut is reinforcing its team to combat this issue. Over a third of the company’s workforce is now dedicated to fighting financial crime, employing over 2,500 financial crime experts across six markets. The neobank claims to have prevented approximately S$335 million in potential fraud against its customers in the past 12 months.