17 July 2019, Wednesday | 03:38am

Almost half Malaysian consumers have their financial information compromised

2019-04-23

KUALA LUMPUR: Almost half of consumers in Malaysia have had their financial information compromised, according to KPMG’s Consumer Loss Barometer –The Economics of Trust reported.

The report said 49 per cent of consumers from Malaysia have had their financial information compromised higher than the global average of 37 per cent.

The study further revealed that 69 percent of consumers globally reporting concerns about their technology being compromised.

Respondents in Malaysia are particularly concerned about their apps (95 per cent), Wi-Fi (82 per cent) and cloud (77 per cent) being compromised.

KPMG’s study delved deeper into the economics of trust within the financial services sector and found that 40 per cent of consumers in Malaysia believe their financial institutions should have full or joint responsibility for ensuring that mobile devices used for mobile banking are secured.

KPMG Malaysia head of financial services Adrian Lee urged financial institutions to show they take security of their customer’s information seriously, both in their customers’ broader security needs and in their interactions with them.

“Whether or not financial institutions regard it as their responsibility, it is something that they need to be very cognizant about or they run the risk of losing their customers’ trust, which is a priceless commodity.

“The shift towards digital banking is happening at great speed. A key gateway that promotes this trend is mobile devices because they are seen as a convenient way to cater to potential customers within the unbanked population,” he said in a statement.

Financial institutions that are able to ensure trust will drive customer loyalty and naturally become the preferred choice in this digital age, he added.

NSTP

 

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