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Online banking usage rises but Singaporeans concerned with data security
- Monday | 10th August, 2020
The accelerated shift to online banking augmented by the Covid-19 outbreak has resulted in greater concerns over data security, a survey by personal finance website SingSaver found. Conducted in June, the survey analysed 1,000 responses detailing the changing financial habits of Singaporeans in a pandemic and found a majority (72%) of respondents agree or strongly agree that they are concerned about online data security due to increased online banking. The use of digital services during the pandemic has drawn attention to Singaporeans’ comfort levels with online banking tools, as 35% indicate that they are “not comfortable” or “neutral” when using them. When asked for the reasons for their discomfort with online banking tools, 45% of these respondents mentioned the fear of fraudulent transactions. Singaporeans, Permanent Residents and long-term pass holders aged 18 and older are eligible for the free Allianz Online Banking Protection Insurance, as long as they possess a NRIC or FIN and an activated SingSaver account when a claim is made.
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