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Overview
This Fraud Barometer report presents findings from research by NICE Actimize and Regulation Asia on the current state of fraud in Asia, highlighting emerging trends, threats and response measures, as observed by fraud risk practitioners at financial institutions (FIs) in the region.
The report is based on survey and interview data from 114 fraud risk professionals operating predominantly within banks, wealth management firms, fintechs, and other non-bank FIs across nine APAC jurisdictions.
The research identified payments and online banking fraud as the top issue for fraud risk professionals in APAC, driven in part by an increasingly digital consumer base and the adoption of faster payment systems.
The report sheds light on:
- The APAC fraud risk landscape and the top concerns for FIs
- Measures being adopted to enhance detection and prevention
- How technology including AI is used in fraud risk management
- Efforts to promote greater collaboration and information-sharing
- Emerging liability-sharing models in APAC and expected impacts
The report is intended to provide a better understanding of the practical challenges FIs face when combating fraud, based on industry observations concerning inefficient processes, a reliance on manual systems, the prevalence of functional siloes, and rising consumer losses.
The report features interviews with Melchor Plabasan and Dexter Macatangay, officials from Bangko Sentral ng Pilipinas (BSP); and Debra Au, Managing Director and Head of Legal, Compliance and Secretariat (HK and China) at DBS Bank, Hong Kong.