1 in 3 Indonesians blame banks for scam losses: study

Indonesians generally do not expect refunds but do expect protection, FICO found.

Over 1 in 3 Indonesian consumers surveyed (about 34%) blame their bank when tricked by a scam, according to a report by FICO.

Of 1,001 respondents, 15% blamed the sending bank, and 19% blamed the receiving bank, the study found.

“Indonesian consumers want their banks to be active partners in the fight against fraud,” said Dattu Kompella, managing director in Asia for FICO, adding that this is a “crucial opportunity” for banks to strengthen their defences.

“By doing so, banks not only safeguard their customers' finances but also reinforce their reputation as trusted protectors,” Kompella said.

Indonesian consumers have “unusually low” expectations when it comes to refunds, with nearly 6 in 10 (59%) believing banks should “never” or “only” rarely refund scam victims.

Meanwhile, less than 3 in 10 (27%) said banks should provide refunds all or most of the time.

“Indonesian consumers are pragmatic—they don’t expect refunds, but they do expect their banks to act as a shield,” Kompella said.

Nearly 7 in 10 (69%) of scam victims said they will file a complaint if they are unsatisfied with their bank’s response to a scam. Over 1 in 10 (12%) will switch banks, and 8% will escalate to a regulator.

Conversely, 69% of consumers would feel positive about their bank if it proactively declined a payment that had been identified as part of a scam, the study found.