Global payments provider Adyen has identified the most prevalent types of payment fraud in Singapore as of January 2025, revealing that phishing and refund fraud are among the leading threats. As Singaporeans become more aware of scams, fraudsters have adapted with increasingly sophisticated methods, making these types of fraud more common.
Adyen’s findings, part of their Retail Report 2024, indicate that 52% of Singaporean businesses have experienced an increase in fraud attempts over the past year. This has prompted a shift towards adopting technology solutions to secure digital transactions.
Ben Wong, General Manager of Southeast Asia and Hong Kong at Adyen, noted that businesses are increasingly seeking partnerships with tech providers offering chargeback liability guarantees.
Phishing, a tactic involving the acquisition of personal details to create synthetic identities, poses a significant risk to both consumers and businesses. This method combines legitimate and fabricated personal information, complicating detection and prevention efforts. Refund fraud, also known as policy abuse, is another growing concern, with both professional fraudsters and everyday consumers exploiting business policies for financial gain.
The report also highlights changing consumer behaviours, with 33% of Singaporeans feeling less safe shopping today compared to a decade ago. This sentiment is driving demand for stronger data protection and seamless, mobile-first payment experiences. As fraud attempts continue to rise, both consumers and businesses are urged to remain vigilant and adopt robust security measures to mitigate risks.
