Ping Identity Survey Finds That 86% Of Singapore Consumers Do Not Fully Trust Organisations That Manage Their Identity Data

Ping Identity, a leading provider of seamless and secure digital experiences, published its 2024 Consumer Survey which indicated that most Singapore consumers surveyed (86%) do not fully trust the organisations that manage their identity data. 95% indicated that verification methods including multi-factor authentication (MFA) and biometrics by organisations would make them feel more secure or protected against fraud. The data shows the desire for seamless digital experiences is widespread, with 87% wanting changes to how they log in to apps and websites.

When asked about the concerns consumers face regarding having their personal information online, identity theft emerged as a top concern, followed by financial loss and data breaches. Doing online shopping (72%) made consumers feel most vulnerable to identity theft, followed by accessing or using online banking (69%) and using social media (68%).

Singaporeans Would Rather Use MFA

Singapore consumers are likely to opt-in to MFA, followed by biometrics and text/email prompts with a one-time login password to the following methods to use the following authentication methods in exchange for a more convenient and secure experience.

The survey found that in Singapore, there is a stronger emphasis on multi-factor authentication (MFA), and biometrics possibly due to a higher level of sophistication with online applications or a greater preference for seamless login experiences that biometrics can provide.

“Digital experience is at the core of customer trust, and as expectations continue to evolve, brands must create a more secure and intuitive online environment. However, many Singaporeans are still dissatisfied with the digital experience and security provided by brands. Embracing technologies like decentralised identity (DCI) and AI can set companies apart, but it’s essential to address consumer concerns and ensure these innovations are adopted gradually and thoughtfully,” according to Jasie Fon, Regional Vice President of Asia at Ping Identity.

Local Singapore findings underscore heightened expectations around the digital experience, with password frustrations and authentication preferences rising to the forefront:

• 95% had complaints about keeping track of passwords
• Security (77%), ease of use (74%), and privacy/consent (74%) are common concerns for consumers when interacting with online brands.
• Close to three in five (57%) have stopped using an online service because they became frustrated when logging in.

Singapore consumers expressed greater concern over identity fraud as they gained greater awareness of the issue:

• 42% have fallen victim to identity fraud, with financial identity fraud, account takeover, and impersonation being the most common fraud types experienced by respondents.
• 96% of consumers indicate that they receive spam calls; 46% receive spam calls once a week.

As AI and DCI gain wider adoption among businesses, consumers remain hesitant about adopting these technologies that could offer a better and more empowered experience:

• 94% have concerns about artificial intelligence (AI) impacting their identity security.
• Lack of transparency (53%) and increased security risks (53%) were common concerns around AI.

Methodology

The findings detailed in this report are based on responses collected from 1,000 consumers in Singapore in Summer 2024 about their personal experiences and beliefs surrounding identity security. Consumers were nationally representative in terms of age and gender. Respondents in Singapore were part of a bigger study of 8,000 consumers across the UK, US, France, Germany, Australia and Singapore.