GUEST OPINION: While 2020 and 2021 were marked by COVID-19, 2022 is set to be a year of recovery with organisations settling into new ways of working.
Multicloud computing company Nutanix has appointed Michael Magura as vice president, Channel Sales, Asia-Pacific and Japan (APJ).
Hardware authentication security keys provider Yubico has appointed Geoff Schomburgk as vice president for the Asia Pacific and Japan (APJ) region.
Japanese IT prodcts distributor Daiwabo Information System and US cloud access integration and security (SASE) provider Versa Networks have begun collaborating on the domestic sales of a comprehensive solution with powerful functions related to networking, cloud access integration, and security (SASE) provided by Versa.
Consumers in the Asia region have significantly increased their use of digital channels to engage with businesses and service providers since the outbreak of COVID-19.
Former Splunk executive Simon Eid has taken up a newly created role at MongoDB as senior vice president of APAC.
A partner of a venture capital firm set up by the CSIRO to help build deep tech start-ups says one of the main factors that is holding Australia back from building up a semiconductor sector is visa and travel restrictions.
Japanese automobile giant Toyota Motor Corporation has announced details of its first battery electric vehicle, which it says it plans to launch in Europe next month. The car has been jointly developed with Subaru.
Global PC shipments fell in the third quarter of 2021 after five quarters of double-digit growth, and registered 5% growth year-on-year, the technology analyst firm Canalys says, adding that Japan was the worst affected with a drop of almost 30% in shipments.
Japanese ICT giant Fujitsu has pledged to source 100% of its energy needs for its global Shiodome HQ building from October 2021 from renewables as part of a commitment to contributing to the realisation of a carbon-neutral society and adaptation to climate change.
Global data management and analytics provider Cloudera has appointed 20 year sales maagement and SaaS veteran Robert Yue as its new Vice President and Managing Director for Australia and New Zealand (ANZ).
Spending on security solutions and services in the Asia-Pacific region excluding Japan is forecast to grow 14% year-on-year in 2021, the technology analyst company IDC says.
GUEST OPINION by Ashley Diffey, Head of APAC and Japan at Ping Identity: In an increasingly digital and online world, consumers have come to expect relatively frictionless experiences when undertaking transactions.
While the world is still looking at self-driving vehicles, Japan is hard at work on autonomous cargo container ships, already planning a 236 mile trip next February into busy cargo lanes with a vessel that has no crew.
Australian hyperscale data centre specialist AirTrunk has opened its Japan headquarters in Shibuya, Tokyo, ahead of the opening of its first Japanese data centre in Inzai.
Security analytics and automation company Exabeam has appointed former Zerto executive Sean Abbott to the newly-created role of Director of Channel & Alliances, APAC.
Although the Olympics in host city Tokyo had no spectators, this did not dampen the mood of the historic event: digital cheers and engagement poured in for athletes around the world were at an all time high, double the number of users during Rio 2016.
Australian-listed satellite provider Kleos Space has established a partnership with Japanese based Japan Space Imaging Corporation (JSI) to support Kleos’ geolocation data promotion in Japan.
GUEST RESEARCH: Cloud identity security solutions provider ThycoticCentrify commissioned a global survey that polled more than 8,000 users in order to assess if workers are complying with cybersecurity rules. However, the survey found that 79% of respondents have engaged in at least one risky activity.
Verifying Identity and Determining Transaction Origination are Common Challenges Across Australia, Hong Kong, Japan and India
GUEST RESEARCH: LexisNexis® Risk Solutions today released its 2021 True Cost of Fraud™ APAC Study covering the retail, ecommerce, financial services and lending sectors for Australia, Hong Kong, India and Japan. The study provides a snapshot of fraud trends in the Asia Pacific (APAC) region during the pandemic and spotlights key pain points for firms in relation to navigating new payment mechanisms, transacting through online and mobile channels and expanding internationally.
The cost of fraud for retail, ecommerce and financial institutions in the surveyed markets is high. The LexisNexis Fraud Multiplier™ – the total amount of loss a firm occurs based on the actual U.S. dollar value of a fraudulent transaction – shows the cost per transaction is $3.51 in Australia; $3.61 in Hong Kong, $3.87 in Japan and $3.84 in India. All four countries reported higher costs per transaction than the regional 2019 average that involved other APAC markets at $3.40.
A combination of factors is driving the high cost of fraud, including market events influencing the use of transaction channels/payment methods, the challenges that businesses face when assessing fraud with these transactions and the less than optimal approach that businesses take towards fraud detection, prevention and minimizing customer friction.
The report’s findings stem from a comprehensive survey of 418 risk and fraud executives in retail, ecommerce, financial services and lending companies in the APAC region in 2021.
Key findings from the LexisNexis Risk Solutions True Cost of Fraud APAC Report:
• Financial Institutions Tend to Have Higher Costs – Given the heavy account-based nature of their business and the need to repay fraud losses to customer accounts, financial institutions often employ more internal and external labor for investigation, detection and recovery. On average they spend $3.78 per transaction in Australia, $4.70 in Hong Kong, $4.46 in Japan and $4.76 in India.
• The Effect of the Pandemic – The pandemic has presented the same challenges to the Australian, Hong Kong, Japanese and Indian markets such as shutdowns, fear of in-person contact and fear of transmission, though the disruption was not equal. Each market saw a marked increase in the use of digital transactions and digital payment methods while cash and in-person payments dropped. However, Hong Kong and India changed more fundamentally as these markets have traditionally had more in-person and cash-driven transactions. Businesses in both markets needed to adapt quickly and many were unprepared from a fraud detection standpoint.
• Identity Verification Remains a Top Challenge – Common online and mobile channel challenges across markets included identity verification and determining transaction origination. The rise of synthetic identities was the most common source of identity verification issues. Ecommerce merchants indicated that transaction origination is more commonly cited as a challenge due to their limited use of solutions to capture device ID and geolocation. The rise of mobile and digital wallets as well as other contactless payment methods has created difficulty for many ecommerce merchants when assessing fraud risk related to these channels.
• Limited Use of Best-Practice Fraud Detection/Mitigation Approach – The use of digital/passive identity authentication solutions and transaction risk assessment solutions was limited in the Australia and Hong Kong markets. The number of organizations that integrated cybersecurity and/or digital customer experience with fraud operations was also limited in both markets. The ecommerce sector for the Hong Kong market is an outlier as it is fairly nascent and still in a development stage. This is primarily because Hong Kong, a highly developed territory, has enabled easy access to area businesses and in-person transactions have been much more common than those made online.
Cameron Church, director of fraud and identity, LexisNexis Risk Solutions, said, “As fraudsters become more sophisticated and their methods more complex, businesses need a robust fraud and security technology platform that helps them adapt to a changing environment, offering strong fraud management while maintaining a low-friction customer experience. A successful fraud detection and prevention approach involves an integration of technology, cybersecurity and digital experience programs to address unique risks from different transaction channels and payment methods.
“High fraud costs impact ecommerce merchants, retailers and financial institutions as they increase each year – even without the influence of COVID-19,” continued Church. “With sophisticated threats on the rise, taking a multi-layered solution approach has proven to be the most effective way to fight fraud across various channels and transaction types, as well as performing a more complete assessment that combines physical and digital identity data analysis. Using different solutions to support fraud detection at various points throughout the customer journey will strengthen a firm’s overall defense.”
About LexisNexis Risk Solutions LexisNexis Risk Solutions harnesses the power of data and advanced analytics to provide insights that help businesses and governmental entities reduce risk and improve decisions to benefit people around the globe. We provide data and technology solutions for a wide range of industries including insurance, financial services, healthcare and government. Headquartered in metro Atlanta, Georgia, we have offices throughout the world and are part of RELX (LSE: REL/NYSE: RELX), a global provider of information and analytics for professional and business customers. For more information, please visit www.risk.lexisnexis.com and www.relx.com.
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