IS cash still king in the Asia Pacific?Kaspersky’s recent study showed it still is, but may not be for long.Titled “Mapping a secure path for the future of digital payments in APAC”, the research studied local users’ interactions with the available online payments in the region and examined their attitudes towards them, which hold the key to understanding the factors that will further drive or stem the adoption of this technology.One of its key findings showed that a great majority (90%) of the Asian respondents has used mobile payment apps at least once in the past 12 months, confirming the fintech boom in the region. Nearly 2 in 10 (15%) of which only started using these platforms after the pandemic.The Philippines logged the highest percent of new e-cash adopters at 37%, followed by India (23%), Australia (15%), Vietnam (14%), Indonesia (13%), and Thailand (13%). The lowest number of first-time online payment users are China (5%), South Korea (9%), and Malaysia (9%).China has been a notable leader in mobile payments in APAC. Even before the pandemic, its top local platforms, Alipay and WeChat Pay, have witnessed significant mass adoption and served as an example to follow for other Asian countries.“Data from our fresh research showed that cash is still king, at least for now, in APAC with 70% of the respondents still using physical notes for their day-to-day transactions. However, mobile payment and mobile banking applications are not far behind with 58% and 52% users utilizing these platforms at least once a week up to more than once a day for their finance-related tasks. From these solid statistics, we can infer that the pandemic has triggered more people to dip their toes into the digital economy, which may fully dethrone cash use here in the next three to five years,” says Chris Connell, Managing Director for Asia Pacific at Kaspersky.Safety and convenience triggered more users in APAC to embrace financial technologies. More than half of the survey pollees noted that they started using digital payment methods during the pandemic as it is safer and more convenient than making a face-to-face transaction.
Respondents also cited that these platforms allowed them to make payments while adhering to social distancing (45%) and that these are the only way they can do monetary transactions during the lockdown (36%). For 29% of users, digital gateways are more secure now compared to pre-COVID-19 era and the same percentage also appreciate the incentives and rewards providers offer.
While only a small fraction, friends and relatives (23%) still influenced new adopters as well as the local government (18%) promoting the use of digital payment methods.
When asked about their reservations prior to using mobile banking and payment apps, first-time users admitted their fears – afraid of losing money online (48%) and afraid of storing their financial data online (41%). Almost 4 in 10 also revealed they do not trust the security of these platforms.
More than a quarter also find this technology too troublesome and requires many passwords or questions (26%), while 25% confessed their personal devices are not secure enough.
“To drive a secured digital economy forward, it is important for us to know the pain points of our users and identify the loopholes that we need to address urgently. It is a welcome finding that the public is aware of the risks that comes with online transactions and because of this, developers and providers of mobile payment applications should now look into the cybersecurity gaps in each stage of the payment process and implement security features, or even a secure-by-design approach to fully gain the trust of the future and existing digital payment adopters,” Connell adds.
To help users in APAC embrace digital payment technologies securely, Kaspersky experts suggest the following:
It is better to be safe than sorry – beware of fake communications, and adopt a cautious stance when it comes to handing over sensitive information. Do not readily share private or confidential information online, especially when it comes to requests for your financial information and payment details.
Use your own computer and Internet connection when making payments online. As like how you would only make purchases only from trusted stores when shopping physically, translate the same caution to when making payments online – you’ll never know if public computers have spyware running on them recording everything you type on the keyboards, or if your public Internet connection has been intercepted by criminals waiting to launch an attack.
Don’t share your passwords, PIN numbers or one-time passwords (OTPs) with family or friends. While it may seem convenient, or a good idea, these provide an entryway for cybercriminals to trick users into revealing personal information to collect bank credentials. Keep them to yourself and safeguard your private information.
Adopting a holistic solution of security products and practical steps can minimize the risk of falling victim to threats and keeping your financial information safe. Utilize reliable security solutions for comprehensive protection from a wide range of threats, such as Kaspersky Internet Security, Kaspersky Fraud Prevention and the use of Kaspersky Safe Money to help check the authenticity of websites of banks, payment systems and online stores you visit, as well as establish a secure connection.
To read the full report, please visit https://kas.pr/b6w8.
The Kaspersky “Mapping a digitally secure path for the future of payments in APAC” report studies our interactions with online payments. It also examines our attitudes towards them, which hold the key to understanding the factors that will further drive or stem the adoption of this technology.The study was conducted by research agency YouGov in key territories in APAC, including Australia, China, India, Indonesia, Malaysia, Philippines, Singapore, South Korea, Thailand and Vietnam (10 countries). Survey responses were gathered in July 2021 with a total of 1,618 respondents surveyed across the stated countries.
The respondents ranged from 18-65 years of age, all of which are working professionals who are digital payment users.
Through this study, when the behavior of the population of a market is generalized, it is in reference to the group of respondents sampled above.
There’s a Nanyang near you for all your Singaporean food cravings
August 4, 2023 6:30 p.m.
Missing Singapore’s famous Hainanese Chicken Rice, Laksa fishball, Cheesy Chicken Chop Noodles and Kopi?
Visit your nearest Nanyang Philippines branch.
Globe powers up TOYCON 2023’s landmark 20th year
June 29, 2023 6:53 p.m.
As Toycon Philippines proudly commemorates its 20th year, the landmark celebration promises to be more electrifying than ever with the formidable support of leading digital lifestyle brand Globe.
Globe has always been at the forefront of supporting diverse subcultures and passions, and this partnership is a testament to its commitment. As part of the collaboration, Globe will bring to life the rich world of its cinematic and theatrical partners, further enriching the TOYCON 2023 experience for attendees.
“As the country’s most reliable network and top digital solutions platform with an ecosystem of various services, we’re uniquely positioned to foster the vibrancy of the toy collecting and creating community. This partnership underscores our commitment to nurturing a wide array of passions and interests while ensuring the best connectivity for all participants.”
Cholo Mallillin, Marketing Head at Toycon Philippines, said: “The collaboration with Globe will further elevate the Toycon experience. This partnership will bring more surprises and rewards to our community. We invite everyone to join us as we celebrate 20 years of Toycon in the most exciting way possible.”
TOYCON 2023 will be held at the SMX Convention Center in MOA from July 7 to 9, 2023. Attendees are in for a treat, as they have the chance to meet their beloved childhood characters, explore an expansive marketplace of unique toys and collectibles, and participate in exclusive Globe activities.
One of the highlights of the partnership is a series of exclusive perks for Globe customers. By using Globe Rewards points, customers will have the opportunity to win various ticket tiers ranging from Day Passes to VIP Passes. There will also be exclusive toy freebies for VIP pass holders, and unique Globe-only activities, such as paint-your-own Gudi.
At the event, Globe will also host an interactive booth featuring activities designed to reward and inspire. From earning freebies by donating Rewards points to a good cause, to free arcade plays and meet-ups with popular streamers, Globe customers are in for an exciting weekend of gaming and beyond.
To learn more about Globe, visit https://www.globe.com.ph/.
Love the long weekend break? Cybercriminals do, too
April 4, 2023 5:11 p.m.
There are 18 official public holidays in the Philippines. As we all know, when these dates fall close to a weekend or if the government pursues holiday economics, most Filipinos make plans in advance to take advantage of extended holiday breaks. This year, we can get to do that at least 12 times.
Unfortunately, cybercriminals get excited about holidays, too. To refresh everyone’s memory, the $81-million Bangladesh Bank heist back in 2016 is an example of a successful cyber attack, which happened on the first day of Lunar New Year, a national holiday in the Philippines and the rest of Asia.
“Now that the world has reopened, travel is back with a vengeance this year, hence the term ‘travel revenge’. Whether Filipinos are scheduling holiday trips or just staycation-ing during the long weekends, it’s important to observe simple digital security practices so you can get to sit back and relax as you take your well-deserved vacation. Security-first thinking opens doors for a more enjoyable holiday break, especially for Filipinos who are amongst the world’s most active online users,” comments Chris Connell, Managing Director for Asia Pacific at Kaspersky.
Both individuals and companies are advised to be extra mindful of personal cybersecurity best practices and internet hygiene when on a holiday.
For companies, Kaspersky suggests to:
- Conduct drills
- Stress to vacationing employees why data encryption, two-factor authentication, strong passwords, and locking devices when not in use are important.
- Discuss the steps to take if their device ends up getting stolen.
- Advise staff about charging smartphones in a wall socket, not through USBs at airports and other public places (these can be used to steal data from a device and infect it with malicious software, such as spyware.
- Educate employees about the dangers of public WIFI (and even hotel WIFI unless it is encrypted and password-protected) and how to use a secure connection such as with a VPN.
- Log out
- Terminate unnecessary VPN connections to the corporate infrastructure.
- End unnecessary sessions that employees have left on any devices for an extended period of time. This also applies to corporate messengers, web apps and any other services.
- Check that the list of employees with access to the corporate network via VPN or RDP include only authorized users. Revoke access from those who don’t need it.
- Create special “emergency” admin accounts for potential incident response over the holidays. The rights granted to regular admin accounts can even be temporarily restricted so that attackers cannot exploit them.
- Install patches for all key applications. This process is far simpler if your company uses security solutions with a built-in patch management system.
Meanwhile, Kaspersky encourages individuals to:
- Only browse trusted apps and websites and be careful about personal information you input like credit card numbers or home address.
- Do not click on links or open email attachments from travel sites when receiving confirmations. Trusted companies include such letters in the bodies of their emails. Malware is often disguised as an attached confirmation letter.
- Bring two or three or more credit or debit cards to have a backup plan in case of loss or needing to cancel one.
- Never leave valuables unattended. Put large amounts of cash and mobile devices or laptops in the hotel safe.
- Use a credit card as most have built-in protections against fraud. There is no protection against a scammer if you send them cash or even check or debit card payment in some cases. A money transfer service is not advisable.
- Ensure their devices has security software installed, ideally with anti-theft technology.