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Identity theft a clear and present threat in Malaysia

Identity theft a clear and present threat in Malaysia 26 Apr 2021 / 21:35 H. PETALING JAYA: Identity theft is a tangible threat for people in Malaysia – 7% said they know their identity has been stolen and used by a fraudster to open an account, while a further 12% believe it is likely to have happened, according to global analytics software firm Fico’s identity proofing and digital banking survey. The acknowledged level of risk from identity theft means there is a good understanding of why identity proofing is an integral part of the banking experience in Malaysia. Just over three-quarters (76%) of respondents recognised that identity proofing happens for their protection. Most people are not cynical about the reasons their identity is confirmed. While a large number (55%) recognise there is an element of regulation driving providers to carry out more checks, only 13% think this is done to enable financial institutions to sell more.

FICO Survey: 1 in 11 Thai Consumers Suspect Their Identity Was Stolen, 1 in 12 Knows It Was

Just over two-thirds (69%) of respondents recognized that identity proofing happens for their protection. However, in Thailand some consumers are cynical about the reasons their identity is confirmed. While a large number (64%) recognize there is an element of regulation driving providers to carry out more checks, 27 percent think this is done to enable financial institutions to sell more. A majority (62 percent) of Thai respondents did see identity proofing as a way for banks to protect themselves, while 44 percent regard it as a tool to prevent money laundering. Most Thais are open to providing their bank with a biometric such as a facial scan, fingerprint, or voiceprint to secure their accounts. The survey revealed that once they understand why it s necessary,

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