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Digital banking users in SEA specify online security desires

More than half of digital banking and e-wallet applications users in Southeast Asia (SEA) want the implementation of one-time passwords (OTPs) through SMS for every transaction. The latest survey by cybersecurity provider Kaspersky Lab Inc. revealed that 57% of total respondents also want to see the implementation of two-factor authentication (2FA) as well as biometric security features such as facial or fingerprint recognition (56%). The study also showed that digital payment customers said they welcome the use of machine learning in fighting social engineering attacks. A number of respondents (40%) also stressed that companies should start preventing frauds/scams automatically based on spending behaviour and/or transfer history. Yeo Siang Tiong, general manager for Southeast Asia at Kaspersky, said that SEA’s market size in terms of digital payments offers a long runway for expansion.

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