One in five APAC online shoppers has fallen victim to online fraud, claims a new report.
Information services company Experian’s Digital Consumer Insights for 2018 contained a number of key insights, including the risk of eCommerce fraud in the Asia-Pacific region.
The survey of 10 APAC markets – Australia, China, Hong Kong, India, Indonesia, Japan, New Zealand, Singapore, Thailand and Vietnam – investigated fraud in the region.
CEO of Experian Asia Pacific, Ben Elliott, said:
"Asia Pacific is one of the most dynamic digital and mobile economies in the world.
“71% are buying online, and 63% who have adopted mobile payments consider them convenient. But as more people adopt faster and more effortless ways to shop, bank and engage with businesses, fraud exposure will increase. This is a concern with 18% of consumers in the region already experiencing fraud”.
International online purchases are subject to significantly higher fraud flags than domestic purchases. This is a big issue for conversion as, in many cases, retailers are effectively turning away customers who have already purchased. Retailers should consider payments as a strategic issue, not only when entering new eCommerce markets, but as an ongoing concern. This need to constantly assess fraud risk is why so many retailers export the complexity of fraud to experts in the market.