Concern over cyber crime is increasing in Singapore.
A study by Paypal has found more than 75 per cent of Singaporeans shop online at least once a month, however, 57 per cent of them fear their financial details might be stolen by cyber criminals, 20 per cent worry they’re sharing their credit card details with unsafe websites and 11 per cent are afraid online retailers fail to deliver the products.
While a high number of online shoppers fear cyber crime, only nine per cent have encountered fraud when shopping and 36 per cent said they received damaged products.
“It is interesting to see that while the majority of online shoppers in Singapore have not encountered fraud, there remains a deep concern about becoming a victim of cyber crime,” said Rahul Shinghal, PayPal’s country manager for Southeast Asia.
“This is something that we must address so that online shoppers do not need to hold back on making purchases online due to security fears, which stifles the potential for e-commerce to grow,” he urged.