Examining Online Fraud In Southeast Asia
Source: techinasia.com
Young consumers, high mobile penetration, and an increase in disposable income are driving ecommerce growth in Southeast Asia.
In 2018, the region’s internet economy hit US$72 billion in 2018 – double what it was in 2015.
Southeast Asia is well on its way to exceed Google’s prediction of hitting US$200 billion by 2025, with ecommerce players such as Lazada, Shopee, and Tokopedia expanding their efforts in the region to meet the demands of consumers.
However, the rise of ecommerce also gives rise to a new set of problems: online fraud.
Defined broadly as any kind of fraud committed with the help of the internet, online fraud cost retailers an estimated US$57.8 billion globally in 2017, posing a significant problem.
Online fraud is especially problematic in Southeast Asia, where there is a sharp contrast in ecommerce development between different countries in the region.
Here’s a closer look at online fraud in Southeast Asia.
Infographic and illustrations by Susi Susanti, Tech in Asia
CyberSource is an international modular payment management platform built on secure Visa infrastructure, which helps companies process online payments, streamline online fraud management, and simplify payment security.
CyberSource releases an annual Global Fraud Report that examines trends and insights from the world of fraud management. Find out more about ecommerce fraud in Asia Pacific by reading their 2019 Global eCommerce Fraud Management Report (Asia Pacific Edition).