Visa Study Highlights Rising Digital Payment Fraud in Southeast Asia

A study commissioned by Visa found that nearly seven in ten Singapore residents trust digital payments. However, 42 per cent of respondents reported encountering a scam, and 8 per cent lost money. Fraud tactics are evolving, with scammers increasingly using artificial intelligence, automation, and social engineering to persuade victims to authorize payments themselves.

The increasing sophistication of fraud challenges traditional fraud prevention methods used by banks, merchants, and fintech companies. This shift puts pressure on payment providers to quickly identify suspicious activity without slowing down legitimate transactions in the region.

Singapore's successful digital payment model is being recognized as a blueprint for broader goals across ASEAN and Southeast Asia, with nations like China and Vietnam studying its path.