Its Digital Trust Index Score was only 2.3 out
of 10.
Despite advanced fraud management systems,
Singaporeans find it hard to trust digital services providers,
according to the Experian-IDC Digital Trust Index (DTI).
The report said Singapore scored only 2.3 out
of 10, lower than Asia Pacific's 3.2. Singapore is the second to
the last market in terms of digital trust.
New Zealand topped the rankings with a score
of 4.2, followed by Japan with 4.1. Consumers in Indonesia showed
the least digital trust levels amongst the countries with a score
of 1.8.
Singapore, which would be expected to have a
high trust score due to their advanced fraud management systems,
lagged due to a low tolerance for fraud and perceptions that firms
do not handle post-fraud experiences well.
Its trust score for financial institutions hit
3.10. It gave lower scores for the telecommunication sector with
1.97, and retailers with 1.84.
"While Singapore has high levels of enrolment
and utilisation of digital banking accounts, and fraud rates are
generally low to medium and comparable with Mid-Streamers, the
island-state’s DTI has been heavily weighed down due to customers’
dissatisfaction in how banks have responded to fraud incidents,"
the report said.
Banks said they have higher confidence in
fraud detection and response, due to better predictive
analytics.
Meanwhile, the study also found out that
consumers have the highest trust towards the government. About
75.5% chose government agencies, compared with 51.7% on
average.
DTI said, as a result, the trust of personal
data protection is centred around government agencies.
yahoo