Southeast Asia sees growing demand for better electronic finance solutions

One-time passwords are becoming an increasingly popular choice for banks and consumers in Southeast Asia.

Not only that, but other high-demand security demands have also been revealed in new research from Kaspersky, as parties become increasingly aware of the importance of protecting their financial data.

It was found that more than three out of five respondents in SEA wanted OTP via SMS in every electronic payment transaction, and 57% wanted to see the implementation of two-factor authentication.

Across a breakdown of countries in the region, OTPs were the top priority for consumers in most cases, including Indonesia (67%), Malaysia (66%), Philippines (75%), Thailand (63 %) and Vietnam (74%). ). In contrast, those in Singapore prioritized implementing two-factor authentication, with 65%.

The rapid demand for change stems from the increased risk of fraud and cybercrime in the region and the need to keep abreast of new technologies to drive further growth. More than three in five respondents (65%) said banks and mobile wallet companies should provide more incentives to maintain security, such as regularly changing passwords. Another 60% said vendors should better educate users about online threats.

“The sheer size of SEA’s market in terms of digital payment offers a long avenue for expansion. In a competitive industry, payment companies need to be evaluated not only on their innovations, but also on their security posture,” said Yeo Siang Tiong, Kaspersky General Manager for Southeast Asia. .

“We can tell from our findings that customers are increasingly aware of the value of technology to protect their finances online. In general, these security features are useful preventative measures that can potentially improve cybersecurity standards in the digital payments space.

Tiong also thinks businesses should think about long-term security solutions, with more than half of survey respondents saying they will use an e-wallet with added security features.

“To develop a long-term and sustainable growth strategy, digital payment companies must consider some of the wants and needs of their users.”

“Although some of the preventative measures are not entirely new and have been around for some time, it is crucial to consider how security features can be integrated in a way that does not compromise the user experience.”

Machine learning was also a key area of ​​focus when discussing countering social engineering attacks. Forty percent of survey respondents indicated that companies should start automatically preventing fraud/scams based on spending behavior and/or transfer history.

Twenty-eight percent also said the process of protecting sensitive data by replacing it with an algorithmically generated number called a token could also increase the security of mobile banking and e-payment apps in the region.

Leave a Comment