Consumer Social Intelligence Safety and Security Report 2024
Executive Summary
Singapore | 01 Oct 2023 - 31 Mar 2024
EMERGING TRENDS in 2024
Reports from 2023 were analysed vis-à-vis the insights in the current report and new emerging themes that stood out have been summarized below:
Emergence of sophisticated scam tactics
This report highlights a surge in sophisticated scam tactics, including spoofed bank SMS messages using advanced technology and making convincing fake websites impersonating reputable brands. Leveraging social media platforms to lure victims into divulging personal and financial information reflects the heightened adaptability among fraudsters.
Increase in phishing scams
There is a notable surge in phishing discussions, spanning diverse platforms like fast-food chains, hotel booking sites and online marketplaces. This uptick signals a dynamic cyber threat landscape and the advancing tactics of scammers in exploiting vulnerabilities across different sectors, posing greater risks to individuals and businesses alike.
Focus on mobile security
There are heightened concerns among consumers over mobile security particularly regarding measures like physical tokens to safeguard against mobile-based fraud. This exhibits growing awareness of the risks and the importance of securing personal data on smartphones.
Attention to customer service requests
There is growing dissent with customers in relation to handling of customer service requests. There are complaints regarding slow response times, alleged negligence in addressing fraudulent transactions and technical difficulties with new security features. This theme underscores the importance of efficient and effective customer support in addressing fraud-related concerns and enhancing consumer trust.
Executive Summary
This analysis utilises social media data to provide consumer insights on safety and security concerns regarding financial payments, along with key trends, needs and pain points.
6.7kmentions
about cards and non-card services related to digital payment safety and security.
13%increase
in discussions about non-card services compared to the prior 6 months.
=similar
Number of bank card conversations remain relatively similar compared to the prior 6 months.
65%increase
in phishing discussions due to emerging scams such as hotel booking scams, listed item selling scams, fake fast food company scams etc.
78%surge
in Digital Wallet discussions due to people preferring it for safety reasons. For example, using digital wallet to prevent saving card details on the websites.
