Consumers blame banks, retailers, and telcos for scam messages: Callsign

The survey shows erosion of digital trust.

A survey by Callsign released 23 September reveals 45% of consumers say their trust in businesses such as banks, retailers, mobile network operators, and delivery companies has decreased due to the persistent scam of spoofing brand names. Around 42% of consumers from Hong Kong, India, Indonesia, the Philippines, and Singapore ask mobile network operators to do more to stop scammers using their platforms, and 33% ask the same of banks.

People claim to have received scams through email (67%), SMS (57%), phone (46%), messaging apps (33%), and social media (23%) in the last year. However, 37% of global consumers do not know where or who to report a scam message. Over half of consumers do not trust organisations to keep their data safe, with 43% of scam victims reacting with suspicion and wanting to know where fraudsters got their details.

"Callsign's data demonstrates that consumer trust in our digital world has vanished, and brands are blamed. Yet the sense is that little is done to purposely re-establish digital trust through complete and accurate digital identities," says senior vice president Stuart Dobbie.

"The solution lies in re-thinking how we fight fraud and how we identify people online. Current approaches tackle both challenges by only identifying fraud," states general manager Namrata Jolly. "The problem with this approach is that a fraudster using stolen credentials looks like a genuine user gaining access to accounts or executing transactions. If instead fraud strategies look to identify only genuine users, this automatically and simultaneously prevents fraud."

Callsign's technology involves the layering of behavioural biometrics over threat detection, device, and location data. Organisations eliminate one point of failure in the authentication process and achieve two-factor authentication with minimal friction.

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

The Hong Kong-China stock connect and derivatives markets were also halted.
The market recorded a positive net absorption of 327,700 sq.ft in Q3 2021.
Secretary for Commerce and Economic Development Edward Yau laid out plans for the sector under the latest Policy Address.
The total corporate debt issuance tripled from last year.
This is due to its dependence on other industries, as well as global economic activities.
Jobs with a monthly salary ranging from $12,000 to $22,000 are up for grabs.
The reforms will target large multinational enterprise groups.
This represents about seven times the currency in circulation.
A total of 2,051,387 adults is projected to be virtual bank owners in five years.
The firm’s remaining stake is being bought at HK$1.91b.
Specifically, it welcomes the planned establishment of a high-end aviation industrial cluster.
But the number of homes to be built under the project are 'fewer than expected'.
Amongst the projects she laid out was the development of a 'smart port'.
Embattled Chinese developer owes the agencies millions in commissions.