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Consumer Social Intelligence Report 2023
Payment Methods
Singapore | 01 Aug 2023 - 30 Sept 2023
Fake shopping apps give scammers access to phones, leading to unauthorised transfers and credit card loans.
1.3k
Posts
This chart shows the number of posts from the main search query that mention specific payment methods and the % of conversations related to each method. Shares/RT are included.
Takeaways
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Credit cards remained the top payment method mentioned in August–September, although its volume of mentions fell by 30% compared to May–June 2023. The drop could be explained by less engagement on forums in August-September compared to May–June. Most discussions focused on incidents in which phone hackers gained access to their victims’ credit card details. One notable case involved an SGD 10K loan taken out with stolen credit card information. Consumers also raised concerns about online shopping safety and the absence of one-time password requirements for credit card transactions.
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Online bank transfer mentions increased by 34%, making it the second most discussed payment method. These mentions primarily related to scams involving unauthorised online transactions, such as the “mooncake scam”, where victims unknowingly downloaded malware on their phones to buy mooncakes advertised on Facebook, enabling scammers to access their banking apps and authorise transfers.
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Reports of scammers' arrests prompted government advice on malware awareness, such as avoiding suspicious links and exercising caution when encountering attractive but potentially fraudulent offers. Many commenters demanded harsher penalties for these crimes, such as a 20-year prison sentence and even the death penalty.
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Debit card conversation decreased significantly compared to May–June, with many consumers expressing concern about their inadequate security compared to credit cards. Some pointed out that it is easier to dispute fraudulent transactions and recover stolen funds with credit cards.
Institutions and individuals provide guidance for victims of credit card fraud and other scams.
Trending/fading words and phrases - Payment Methods from August '23 - September '23
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This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less) and those on the right are "trending" (used more).
What People Are Saying
Consumer Social Intelligence Report 2023
Fraud Types
Singapore | 01 Aug 2023 - 30 Sept 2023
In August and September, malware scams continued to be a prevalent issue. Meanwhile, the penalties for a data leak have received criticism for being perceived as lenient.
0.3k
Posts
Chart displays fraud risk types and their percentage of conversation in posts related to the main search query. Shares/RTs included.
Takeaways
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The Fraud Types conversation in August – September decreased significantly compared to May – June. This decline can be attributed to waning conversations in previously high-profile schemes, such as the fake ScamShield apps and malware targeting Central Provident Fund savings.
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Malware scams were the driving force behind generic/other fraud and identity theft/phishing discussions. In these scams, victims are enticed to download malicious software, primarily through appealing ads on Facebook and X (Twitter), which give the scammers control over victims' banking apps. Such scams led some to doubt the security of banking apps and online payments. Older people were identified as the most vulnerable demographic due to their inexperience with technology.
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A fine imposed on the online cashback portal ShopBack for a customer data leak garnered significant online media attention and sparked consumer dissatisfaction about its perceived leniency. The company’s server was hacked, and millions of users’ email addresses, phone numbers, names and bank account numbers were sold online in 2020.
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The lost/stolen category gained only a minor share of voice in August – September, including complaints about lost or stolen credit cards and discussions about credit card information theft.
Malware attack threats on the rise as people and businesses get tricked to install malicious apps on their phones.
Trending/fading words and phrases - Fraud Types from August '23 - September '23
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Trending
This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less) and those on the right are "trending" (used more).
What People Are Saying
Consumer Social Intelligence Report 2023
Fraud Prevention
Singapore | 01 Aug 2023 - 30 Sept 2023
Consumers express dissatisfaction with a new government-mandated security feature, advocating for user vigilance, OTPs, and stricter penalties.
0.1k
Posts
Chart shows consumer protection actions and % of related conversation. Shares/RTs included.
Takeaways
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Data privacy remained a central topic in Fraud Prevention discussions in August – September as the government instructed banks to implement a security feature locking users out of their mobile banking apps if downloaded apps from 3rd party website sources were detected. Public reactions to the measure were sceptical, with concerns about its impact on users’ freedom to choose how to use their devices. Some considered the measure intrusive and worried about banks collecting user information.
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Secured payment methods conversations centred around 3D-Secure authentication (3DS), one-time-passwords (OTPs) and tokens. Businesses and merchants generally appreciated 3DS as a safety measure, but some pointed out that it could impact the sales volume, so merchants were occasionally reluctant to use it. OTPs were widely discussed as a desirable step, with some wishing they were made mandatory on shopping platforms. The idea of reintroducing physical tokens for added security also surfaced. Physical (hardware) tokens were sometimes considered to be more secure than digital tokens, they are separate devices generating one-time passwords, which removes the risk of remote access via malware.
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Users of the hardwarezone.com.sg forum discussed ways to minimise the risk of scams, emphasising caution regarding third-party apps. Further precautions included avoiding Android OS and limiting Facebook app usage. Some suggested avoiding online banking altogether.
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Some consumers saw applying AI, particularly in biometric methods such as facial recognition, as a promising solution to enhance banking app technology security. A post about a bank’s new facial recognition feature sparked a discussion on its utility for transaction authentication. Some users debated the technical aspects of face scanning, while others raised concerns about security and trustworthiness.
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Arrests of malware scam suspects prompted discussions about the need for more severe punishments to deter such crimes.
Supported by the Monetary Authority of Singapore, banks enhance their security measures while consumers opt for 3DS.
Trending/fading words and phrases - Fraud Prevention from August '23 - September '23
Fading
Trending
This word cloud shows the most common words and phrases from the time period. The larger the word/phrase, the more often it appeared over time. Words/phrases on the left are "fading" (used less) and those on the right are "trending" (used more).
What People Are Saying
