Staying ahead of these ever-growing customer expectations isn’t easy, but artificial intelligence (AI) could be the way for retailers to deliver.
Retailers have been fighting fraud for years, but the explosive e-commerce boom has given this age-old threat a new stage to perform on. As the money trail has moved online, fraudsters have inevitably followed suit. According to the Singapore Police Force’s Mid-Year Scams and Cybercrime Brief 2024, e-commerce scams took the top spot, with 7,250 incidents reported in the first half of last year. That's an incredible 27.3% of all scams, far ahead of job scams (5,717, 21.5%) and phishing scams (3,447, 13.0%).
Consumers have certainly taken notice. Ping Identity’s local Singapore findings reveal that security (77%) and privacy/consent (74%) are now as important as ease of use (74%) when it comes to engaging with online brands. This shows a shift in priorities. While speed and simplicity used to be the gold standard, users are now just as concerned about who is handling their data and how it’s being protected.
