Adyen highlights rising fraud trends in Singapore, 2025

Global payments provider Adyen has identified new trends in payment fraud prevalent in Singapore as of January 2025.

As Singaporeans are more aware of scams compared to their regional counterparts, traditional types of fraud like triangulation fraud and account takeover fraud are less common in the country.

Consequently, fraudsters are adopting more creative tactics. Phishing scams are noted for crafting synthetic identities by merging false and legitimate personal identifiable information, posing a challenge for retailers attempting to detect such fraud.

Another form of fraud gaining traction is refund fraud or policy abuse, where not only professional fraudsters but also ordinary consumers take advantage of the system to reap benefits such as cost savings. Additionally, card testing scams involve using stolen cards to verify their validity, which can then be sold on the dark web.

Friendly fraud, or first-party fraud, occurs when shoppers initiate chargebacks without legitimate reasons, often due to oversight regarding recurring payments or subscriptions.

The Adyen Index: Retail Report 2024 sheds light on the impact of these fraud attempts on both consumers and businesses in Singapore. It highlights the mental and economic stress associated with fraud and notes a shift in business strategies and consumer expectations in response to these threats. Over the past year, up to 52% of Singaporean businesses reported an increase in fraud attempts, prompting a growing adoption of technology solutions to enhance security in digital transactions.

Singaporean consumers are also demanding stronger data protection and more robust fraud prevention measures, while simultaneously expecting more seamless, mobile-first payment experiences. This reflects a broader change in consumer behaviour as they adapt to the risks associated with digital transactions.

Ben Wong, General Manager of Southeast Asia and Hong Kong at Adyen, has played a significant role in addressing these challenges.

Since joining Adyen in 2016, he has contributed technical expertise and market insights to help guide the company towards significant achievements across various industries including retail, ecommerce, and hospitality.

Wong's background in fintech and project management has provided him with the necessary skills to lead effectively in the fast-evolving payments landscape.