Singaporeans still transact online despite security concerns

91 per cent of Singaporeans surveyed were concerned about sharing their personal data and financial information online, yet almost half admitted to not knowing how many websites currently hold their personal information.

The research also found that 1 in 2 Singaporeans were using the same password across multiple accounts. It is seen that users are underestimating the threat from cyber criminals who steal passwords from one site and attempt to replicate them across others.

Lum Hon Fye, chairman of Infocomm Technology Committee, National Crime Prevention Council said that cybercrimes will become more prevalent if the public does not stay vigilant while communicating or transacting in the cyber world.

“Education and knowledge is the key to Singaporeans remaining alert and staying one step ahead of cyber criminals. Assessing with whom and where they are sharing their personal information is an important first step,” said Lum.

“Using the same password at multiple sites is like using the same key for your house, your car, and your office. We’re highlighting this risky behaviour to all Singaporeans and encouraging them to take personal responsibility for their first line of defence through a stronger password system,” added Elias Ghanem, managing director, PayPal Southeast Asia and India.

88 per cent of Singaporeans said they want a more secure way to transact online, more than half of respondents are not comfortable sharing their credit card, debit card or bank account details online.

8 out of 10 respondents said they would only spend between S$1 and S$100 on an unfamiliar website, whereas, more than 5 out of 10 respondents said they would spend greater than S$500 on a familiar website.

With high smartphone adoption rates in Singapore, nearly 7 out of 10 respondents said using their mobile device would be faster and more convenient because they can make a transaction “anytime, anywhere”. However, nearly two thirds of mobile shoppers had previously stopped a mobile transaction in the past because of the hassle of entering financial details on a small screen.

61 per cent were worried that they would expose their financial details if they lose their mobile device. 57 per cent believe that it is difficult to do an online transaction on a mobile device as most websites do not fit the small screen size or take too long to load. And 48 per cent felt that mobile devices do not have security features installed

PayPal and NCPC also offered tips on cyber safety including keeping track of websites used, employing password etiquette, avoiding phishing e-mails, and password protecting your mobile.