APAC consumers trade transfer speed for fraud safety as deepfake fears rise

Singaporeans, Japanese, and Australian consumers are okay with a 24-hour transfer delay.

Consumers are willing to endure a 24-hour money transfer delay in exchange for stronger artificial intelligence (AI)-powered fraud protection, according to a study by Visa.

In a poll of over 45,000 remittance senders across 20 markets, Visa found that those in Japan (68%), Singapore (57%), and Australia (57%) are willing to endure a whole day’s worth of transfer delay to ensure the safety of their money.

Meanwhile, consumers from the Philippines (62%) and India (53%) are most worried about deepfakes, saying that it could be used to impersonate family members or facilitate financial scams.

Exposure to remittance scams is also highest in the two countries, with 40% of pollsters indicating this in India and 29% in the Philippines. In contrast, only 19% and 11% respondents from China and Japan, respectively, indicated the same.

Mobile apps have become one of the preferred ways to send money internationally across the Asia Pacific, with usage ranging between 33% to 60% across markets, according to a study by Visa.

Mobile wallet adoption is strongest in India (36%), the Philippines (29%), and mainland China (27%).

Japan is the outlier, with 32% or nearly a third of consumers from the country still preferring to make international transfers through physical bank branches.