Rise in online payments spurs questions over cybersecurity and privacy

Top Trends By CNBC September 8, 2021

CNBC writes about the rise of cybercrime in Asia and says threats over cyber security have become a “growing concern” as more people turn to online payments.

The news site says E-commerce fraud in Singapore had the highest reported cases in the first half of last year, where the number of scams increased by 73.8% to 2,089 in the first half of 2020 — up from 1,202 in the same period in 2019.

Still, they note, consumers in Asia are not shying away from using digital payments.

Singapore is among the countries in the world with the highest penetration of contactless payment, said Anthony Seow, managing director and head of payments and platforms, at DBS bank.

“We actually use industry-leading solutions to scan transactions,” he explained. “There’s AI (artificial intelligence), there’s algorithm… we are able to suss out suspicious transactions and block it before it hits the consumers.”

This article was written by Sumathi Bala and originally published on CNBC. A subscription may be required.