Consumers in Thailand are demanding greater security on top of convenient digital experiences, Experian research reveals.
Over two-thirds of Thai consumers value security as the most important aspect of their online experience, according to a survey by the analytics firm Experian.
“With interactions between businesses and consumers increasingly taking place via digital channels, building an environment characterised by security and mutual trust should be a leading priority,” said Dev Dhiman, managing director for Southeast Asia and emerging markets at Experian.
He said it’s imperative for business leaders to invest in identity verification and fraud management capabilities to realise the full potential of Thailand’s digital economy.
Experian’s Global Identity and Fraud Report APAC edition was based on insights from almost 6,000 consumers and 590 businesses across Asia-Pacific, with 546 consumers and 50 businesses from Thailand.
The report found that 69% of Thais valued security as the most important element of an online experience, followed by convenience at 20% and personalisation at 11%.
Some 40% of Thai businesses experienced an increase in online fraud-related losses over the past 12 months. These incidents included account takeover attacks and fraudulent account openings.
A full 66% of Thais surveyed felt that the trade-off for convenience in today’s digital society was privacy, with 63% of businesses in Thailand collecting more personal data to develop a more tailored user experience with targeted products and offers.
Some 84% of Thai consumers who have encountered physical biometrics during online banking had high confidence in security measures, while 80% indicated high confidence in behavioural biometrics.