40% of APAC susceptible to scam, youth more vulnerable: Visa

The youth are 1.3 times more likely than older adults to have been victimised by scams.

Almost half of Asia Pacific's population believes they can identify scams, but 40% are prone to overlook crucial warning signs in digital communications, according to a report by Visa and YouGov.

The Language of Fraud research report highlights how cybercriminals exploit vulnerabilities in even the most technologically knowledgeable consumers when detecting scams.

“Understanding the language of fraud is increasingly essential in our digital-first world. Today it's not nearly so obvious you're dealing with a criminal, and that applies to the language they use in their communications – no one is immune," said Visa Regional Risk Officer for APAC, Joe Cunningham.

In APAC, approximately one in four consumers have experienced online fraud, resulting in a staggering loss of S$660.7m in Singapore alone in 2022. 

This adds up to nearly S$1.3b lost to fraud in the past two years.

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Contrary to the assumption held by over 50% of consumers in APAC that older adults (aged 35-55+) are more susceptible to online scams compared to younger adults (aged 18-34), the data actually reveals the opposite trend. 

Younger adults are 1.3 times more likely than older adults to have been victimised by scams, despite a higher self-perceived knowledge about scams among the younger age group.

Results showed that Indian (63%) and Philippine (56%) consumers felt the most confident in identifying scams. On the other hand, only 14% of Japanese consumers said the same.

However, consumers in India and the Philippines are more than three times as likely to have fallen victim to scams compared to their counterparts in Japan.

Across APAC, the most suspicious form of communication for people is requests to reset passwords, with 41% expressing caution. Notifications related to rewards, coupons, or gifts come in second at 22%. 

However, there are variations based on geography. New Zealand, Japan, and Hong Kong have the highest levels of suspicion regarding password reset requests, with rates of 50%. 

On the other hand, India, Vietnam, and Indonesia exhibit the lowest levels of suspicion. 

In terms of rewards, coupons, and gift cards, Indonesia (32%) and Taiwan (29%) are the most sceptical, while Japan and Korea are the least suspicious.