92% of Singaporeans worry about banking safety

Millennials were most affected by online banking fraud, with 34% falling victim.

Around nine in ten Singaporeans are concerned about online banking fraud, with 56% believing online banking fraud attempts have been “on the rise” in the past year versus 27% that see it as unchanged, a FIS survey showed.

The survey, which polled over 1,000 banking customers in Singapore, also revealed that nearly a quarter of respondents have been victims of online banking fraud, with millennials (34%) being the most affected and boomers (12%) the least.

Moreover, 86% of respondents consider the security of their personal information and assets extremely or very important, though only 68% are satisfied with their bank’s performance in this area. 

Strengthening online security is the top priority for Singapore banking customers, with a "money lock" feature to prevent withdrawals ranking as the most desired innovation, surpassing cardless withdrawals and voice-activated virtual assistants.

When fraud occurs, 51% of those affected reported receiving a full refund from their bank, whilst 32% received a partial refund. Additionally, 53% of respondents expect banks to take full responsibility for any fraudulent activity, regardless of the cause.

The survey highlighted a desire for banks to strike a balance between enhanced security and convenience in banking interactions. Whilst security remains the priority, younger generations like Gen Z prefer convenience for tasks like checking balances, whereas boomers are more cautious across all areas.