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The Biggest Cost of Fraud Is Changing Customer Behaviour - NOT Loss.

  • 3 days ago
  • 1 min read

Fraud today is one of the most influential business challenges, but we still handle it separately from UX decisions. 

Every scam victim ultimately moves money through licensed financial institutions or registered businesses, all of which should operate within regulated financial systems and should be protecting us - but almost 60% of adults in the Asia-Pacific region experienced scams directly or through someone they know during the past two years.

The figures become even more concerning when AI enters the picture: around 20% of consumers encountered AI-generated scam content during the previous year through voice cloning, deepfake videos, fake customer-service chatbots, and highly convincing digital messages designed to imitate trusted organisations.

These experiences naturally change how entire communities evaluate trust, payments, and banking decisions at checkout. Why, however, do we not consider them when making decisions about payments and banking?


Fraud forces a completely different customer journey that every business must understand. Customers begin creating their own security checks before they even start the checkout process. As this behaviour becomes part of everyday decision making, businesses must adapt by proving trust way before asking customers to complete a transaction.


Businesses therefore face two equally important challenges. The first comes from the direct financial losses caused by fraud, while the second develops over time as customer confidence declines, conversion slows, checkout abandonment increases, and customers expect greater reassurance before completing a payment.


 
 
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