Shouldering the responsibility of payment security

TWO years since the surge in adoption of digital payments, shoppers have seamlessly transitioned to their day-to-day use, with online payments becoming second nature for those buying goods and services online.

Reflecting the extent to which digital payments have become a fixture of shopping behaviour, the volume of PayNow transactions in Singapore alone in Jan-Oct 2021 hit S$64 billion, more than double and well above the S$25 billion recorded in the same period in 2020. Further data from PPRO also shows that the e-commerce boom is here to stay, with the sector set to grow from its value of US$5.9 billion in 2021, to an estimated US$10.7 billion over the next 5 years.

However, like anything that soars in popularity, digital payments have become a target for scammers. These bad actors recognise that many have adopted digital payment methods for the first time during the pandemic, and chance upon these users' lack of experience or understanding by convincing them to give away security details and part with their money.