Older people are less susceptible to scams, but when they do, they are more likely to lose money, often twice as much as younger people. Experts point out that while awareness of fraud is high among the public, consumers should remain vigilant, use secure payment platforms, and avoid clicking on random links.
Adyen, a global payments solutions company, released its 2025 Retail Index report, focusing on retail trends and consumer and merchant behavior patterns. The survey surveyed consumers and merchants from 28 markets around the world, including 1,000 consumers and 500 merchants in Singapore.
Fraud and security are top concerns for consumers. The report asked 1,000 Singaporean consumers whether they had experienced fraud in the past year and the extent of their losses. Over 30% said they had experienced fraud.
The data shows that Generation Z (16 to 27 years old) lost an average of $1,072, Millennials/Generation Y (28 to 43 years old) lost an average of $1,114, Generation X (44 to 59 years old) lost an average of $1,795, and Baby Boomers (60 to 78 years old) lost an average of $2,019.
Huang Xinyao, Adyen’s head of Southeast Asia and Hong Kong, told Lianhe Zaobao that payment-related fraud commonly faced by Singaporean consumers includes credit card fraud, identity theft, and account takeovers. While Generation X and Baby Boomers experience similar types of fraud as younger generations, overall, they are less likely to fall victim.
“In fact, 65% of both groups said they had never been a victim of fraud. Many older consumers prefer offline shopping, and one of the main reasons is the fear of online fraud.”
The survey also showed that Malaysian consumers are more conservative when it comes to AI and digital payments compared to their counterparts in the Asia-Pacific region. For example, 32% of Malaysian consumers are concerned that AI will increase their likelihood of being scammed, compared to 26% in the Asia-Pacific region. 28% of consumers prefer to shop in-store to avoid online fraud, compared to 23% in the Asia-Pacific region.
Huang Xinyao said that digital security remains one of the most concerning issues for Singaporeans. Merchants should adopt different measures and new technologies to improve their own systems to ensure a smooth payment process while protecting the interests of consumers.
Experts: In addition to cyber attacks, businesses should also be wary of being impersonated
In response to queries from Lianhe Zaobao, Jungpil Hahn, Provost Chair Professor at the NUS School of Computing, said that older consumers in Singapore are more aware of fraud prevention than other countries in the Asia-Pacific region.
However, older people usually have more accumulated financial assets, and fraud patterns are more targeted and professional, such as scams involving impersonating government officials. Therefore, when older people are deceived, they will suffer higher financial losses.
Han Zhengbi said that in addition to guarding against cyber attacks, businesses should also be wary of scammers impersonating their own platforms, because once consumers are deceived, they may lose trust in the brand.
“Businesses must take proactive measures to monitor counterfeit websites and social media accounts; clearly explain official communication channels to customers; and cooperate with platforms and government agencies to remove counterfeit websites as soon as possible.”
Chang Liyan, Associate Professor of Marketing at the Singapore University of Social Sciences’ Business School, reminds consumers to be discerning about payment methods, using reputable and established shopping websites, and never click on online links rashly. “Consumers should also regularly check and verify their accounts and notify their banks immediately if they discover any suspicious transactions.”
As consumer demand changes, the Internet has become an essential channel for many businesses to do business. Chang Liyan believes that businesses must therefore increase network security, strengthen prevention against fraud, and protect themselves and consumers through technological means.