Willingness to report and recovery rate of lost funds

After each scam, the victim's most concern is how to get back their lost money. In the survey for Asia 2023 scam report, GASA and Gogolook conducted a survey on "reporting willingness and lost money recovery rate" of fraud victims in 11 Asian countries. Let's Anti-Phishing (CLD) learn more about this study in more detail.

As the number of scams continues to increase, governments, government agencies, private businesses and online platform operators in various regions are actively creating reporting, complaint and resolution systems. complaints, content removal, and even freezing of financial transactions, in an effort to effectively prevent and deter fraudulent activities, thereby mitigating their consequences.

In collaboration with Gogolook, GASA conducted a survey to explore people's willingness to report and the rate at which losses are recovered after falling victim to fraud, shedding light on systems and existing circumstances.

Among the 11 Asian regions studied, the highest average willingness to report fraudulent activity was in China (55%), followed by Singapore (51.5%) and Taiwan (50%). Next are Malaysia (48.9%), Hong Kong (47.2%), Japan (46.7%) and Indonesia (40.4%).

On the contrary, Thailand (36.4%), Korea (31.6%), Philippines (24.6%), Vietnam (26%) have a relatively lower trend. When examining the rate of financial recovery after a person becomes a victim of fraud, Singapore comes out on top, with 9.4% of respondents successfully recovering all their lost assets and 2.2% of respondents successfully recovering all their lost assets. successfully recovered most of their losses.

However, despite the positive correlation between recovery of financial losses and people's willingness to report, conflicting goals in establishing buffers to prevent fraud and demand Consumer concerns about the convenience of financial transfers have created a dilemma for global financial regulators.

For example, in Singapore, a prominent financial center in Asia, leading local banks such as DBS, OCBC and UOB have initiated the practice of "freezing" a portion of customers' account funds to combat the continuous increase in fraud and financial loss. This involves implementing anti-financial fraud policies that allow digital deposits but limit physical withdrawals, prioritizing security over convenience in financial services to demonstrate commitment their commitment to preventing fraud.