BioCatch survey: 75% of Singapore banks report rising fraud losses
Singaporean banking leaders overwhelmingly report increasing fraud attempts and losses ↗
What happened
- BioCatch commissioned a survey of 100 fraud-management, AML and compliance team leaders at Singapore banks.
- 91% of Singapore respondents say fraud attempts at their institution are increasing; 75% report increasing fraud losses.
- 27% of Singapore respondents say their institution reimburses more than half of scam-related losses, versus a 44% global average.
- 36% of Singapore respondents say their bank has deployed behavioral solutions.
- Just 14% of fraud professionals believe their organization is fully prepared for MAS FAST and PayNow requirements.
Why it matters to Signicat
- Survey is vendor-commissioned and promotes BioCatch behavioral intelligence; treat figures as vendor-reported, not independently verified.
- Signals rising demand for behavioral and fraud-detection spend in Singapore banking, a market Signicat does not list among its core markets.
Evidence from the source (7 quotes)
- “The survey was commissioned by BioCatch, which prevents fraud and financial crime by recognizing patterns in human behavior.” source ↗
- “Nine in 10 (91%) of those surveyed say fraud attempts at their institution are increasing, while 75% report increasing fraud losses” source ↗
- “Just 27% of Singaporean respondents say their institution reimburses more than half of scam-related losses, well below the global average of 44%.” source ↗
- “While 36% of Singaporean respondents say their bank has already deployed behavioral solutions” source ↗
- “just 14% of fraud professionals believe their organization is fully prepared.” source ↗
- “It is worth noting, however, that not all behavior-based solutions are created equal, as we see reflected in rising fraud attempts and fraud losses in Singapore.” source ↗
- “75% of those whose institution has not yet adopted this technology say their bank is actively evaluating behavioral biometrics for the future.” source ↗
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5 of 5 facts verified against the source · confidence medium · claude-haiku-5-5