A recent Kaspersky research showed a positive correlation between the adoption of digital payment methods and the awareness of the risks and threats that are associated with them in Southeast Asia (SEA).
The global cyber security company said the study, titled “Mapping a secure path for the future of digital payments in APAC”, revealed that nearly 97% of respondents in SEA were aware of at least one type of threat against e-payment platforms, while almost three in four (72%) have personally encountered at least one type of threat associated with this technology.
The study said more than a quarter of the respondents encountered social engineering scams via texts or calls (37%), fake websites (27%), fake offers and deals (27%), and a quarter reported receiving phishing scams (25%).
Social engineering scams are the top encountered threat for most SEA countries, including Indonesia (40%), Malaysia (45%), The Philippines (42%), Singapore (32%), and Vietnam (38%).
The only exception is Thailand where its top encountered risk is fake website (31%).
The study highlighted that having more exposure to cyber threats could directly correlate to a higher level of awareness. Social engineering scams, fake websites, and fake offers and deals are among the most commonly encountered threats, with a large percentage of awareness at 72%, 75% and 64% respectively.
In terms of financial impact of a cyber-incident involving digital payments, the amount of financial loss appears to be mostly capped up from less than USD 100 to USD 5,000, with a very small proportion of respondents having reported incurring a loss of more than USD 5,000.
The majority of respondents (52%) admitted that they lost money due to bank account and credit card fraud.
Account hacked because of a data breach (47%), fake and fraudulent apps (45%), ransomware (45%), and fake offers and deals (43%) are also listed as the top 5 threats resulting in financial loss in SEA.
After encountering a cyber incident, more than two in three respondents from the region (67%) said that they became more vigilant. More than a quarter (32%) were also anxious about recovering their lost money.
Consumers are also concerned about their trustworthiness. Some 36% indicated they still trusted that the bank and mobile wallet provider would resolve the issue, but 18% said they had less trust in digital payment providers.
Kaspersky Asia Pacific managing director Sandra Lee said the adoption of digital payment methods appeared to be a double-edged sword, with convenience representing the good benefits and cybersecurity risks being the less desirable aspects of it.
‘On the contrary, we believe that categorizing digital payments in such binary ways is premature. As with any emerging technologies, there is no inherent good or bad characteristic to them; rather, how we use them to achieve beneficial outcomes is determined by how we interact with them.
“If we are to fully realize the benefits of digital payments, it is important that all stakeholders, including the government, digital payment providers, users, and even cybersecurity firms, work together to build a stable, secure, and future-proof payments ecosystem,” she said.
To help digital payment users in SEA embrace technologies securely, Kaspersky experts suggest the following:
- Beware of fake communications, and adopt a cautious stance when it comes to handing over sensitive information. Do not readily share private or confidential information online, especially when it comes to requests for your financial information and payment details.
- Use your own computer and Internet connection when making payments online. You’ll never know if public computers have spyware running on them recording everything you type on the keyboards, or if your public Internet connection has been intercepted by criminals waiting to launch an attack.
- Don’t share your passwords, PIN numbers or one-time passwords (OTPs) with family or friends. Keep them to yourself and safeguard your private information.
- Adopting a holistic solution of security products and practical steps can minimize the risk of falling victim to threats and keeping your financial information safe. Utilize reliable security solutions to help check the authenticity of websites of banks, payment systems and online stores you visit, as well as establish a secure connection.
