Chubb Unveils "The Remittance Trust Trap": Global Research Exposes Hidden Vulnerabilities Among Senders, Especially Gig Workers
Chubb (NYSE:CB) has released a comprehensive global study titled "The Remittance Trust Trap" examining vulnerabilities among international remittance senders. The research, surveying 3,500 below-median income remittance senders across six countries, introduces the innovative Sender Market Vulnerability Index (SMVI).
Key findings reveal a concerning disconnect between senders' trust in remittance services and actual risks, with 34% of global senders reporting cyber fraud victimization. The study particularly highlights vulnerabilities among gig workers, with only 3% of U.S. migratory and gig workers able to sustain expenses beyond three months without income. Despite 90% of respondents showing interest in insurance products, actual adoption remains low.
The research identifies market-specific challenges, including 55% of Australian respondents reporting financial difficulties and 65% of Singaporean senders expressing job security concerns, compared to a 45% global average.
Chubb (NYSE:CB) ha pubblicato uno studio globale esaustivo intitolato "The Remittance Trust Trap" che esamina le vulnerabilità tra i mittenti di rimesse internazionali. La ricerca, che ha intervistato 3.500 mittenti di rimesse con redditi inferiori alla mediana in sei paesi, presenta il nuovo Sender Market Vulnerability Index (SMVI).
I principali risultati rivelano una preoccupante discrepanza tra la fiducia dei mittenti nei servizi di remessa e i rischi reali, con il 34% dei mittenti a livello globale che segnala vittime di frodi informatiche. Lo studio evidenzia in particolare le vulnerabilità tra i lavoratori gig, con solo il 3% dei migranti e lavoratori gig statunitensi in grado di sostenere spese oltre tre mesi senza reddito. Nonostante il 90% degli intervistati mostri interesse per prodotti assicurativi, l’adozione effettiva resta bassa.
La ricerca identifica sfide specifiche per mercato, tra cui che il 55% degli intervistati australiani segnala difficoltà finanziarie e il 65% dei mittenti di Singapore esprime preoccupazioni per la sicurezza del lavoro, rispetto a una media globale del 45%.
Chubb (NYSE:CB) ha publicado un estudio global integral titulado "The Remittance Trust Trap" que examina las vulnerabilidades entre los remitentes de remesas internacionales. La investigación, que encuestó a 3,500 remitentes con ingresos por debajo de la mediana en seis países, presenta el innovador Sender Market Vulnerability Index (SMVI).
Los hallazgos clave revelan una preocupante desconexión entre la confianza de los remitentes en los servicios de remesas y los riesgos reales, con un 34% de los remitentes globales reportando víctimas de fraude cibernético. El estudio destaca especialmente las vulnerabilidades entre los trabajadores gig, con solo un 3% de los trabajadores migrantes y gig en EE. UU. capaces de sostener gastos más allá de tres meses sin ingresos. A pesar de que un 90% de los encuestados muestran interés en productos de seguros, la adopción real permanece baja.
La investigación identifica desafíos específicos de mercado, entre ellos que el 55% de los participantes australianos reportan dificultades financieras y el 65% de los remitentes de Singapur expresan preocupaciones por la seguridad laboral, en comparación con un promedio global del 45%.
Chubb (NYSE:CB)는 국제 송금 발신자의 취약점을 다루는 포괄적 세계 연구인 “The Remittance Trust Trap”를 발표했습니다. 이 연구는 중위 소득 이하의 송금 발신자 3,500명을 6개국에서 조사하고 Sender Market Vulnerability Index(SMVI)라는 혁신적 지표를 제시합니다.
주요 결과는 송금 서비스에 대한 발신자의 신뢰와 실제 위험 간의 우려스러운 단절이 있음을 보여주며, 전 세계 발신자의 34%가 사이버 사기 피해를 보고했습니다. 연구는 특히 긱 노동자들의 취약성을 강조하며, 미국의 이주 및 긱 노동자 중 3%만이 수입이 없는 3개월을 넘겨 지출을 유지할 수 있습니다. 응답자의 90%가 보험 상품에 관심을 보였지만 실제 채택은 낮은 편입니다.
시장별 도전과제를 식별하며, 호주 응답자의 55%가 재정적 어려움을 보고했고 싱가포르 발신자의 65%가 고용 보안에 대한 우려를 표명했으며, 전 세계 평균은 45%에 그칩니다.
Chubb (NYSE:CB) a publié une étude mondiale complète intitulée « The Remittance Trust Trap » examinant les vulnérabilités chez les expéditeurs de remises internationales. La recherche, interrogeant 3 500 expéditeurs à revenu inférieur à la médiane dans six pays, présente le Sender Market Vulnerability Index (SMVI) innovant.
Les résultats clés révèlent une déconnexion préoccupante entre la confiance des expéditeurs dans les services de remises et les risques réels, avec 34% des expéditeurs mondiaux signalant des victimes de cyberfraude. L’étude met en évidence les vulnérabilités chez les travailleurs gig, avec seulement 3% des travailleurs migrants et gig américains capables de supporter des dépenses au-delà de trois mois sans revenu. Bien que 90% des répondants manifestent un intérêt pour des produits d’assurance, l’adoption réelle reste faible.
La recherche identifie des défis spécifiques par marché, dont 55% des répondants australiens signalant des difficultés financières et 65% des expéditeurs de Singapour exprimant des inquiétudes quant à la sécurité de l’emploi, par rapport à une moyenne mondiale de 45%.
Chubb (NYSE:CB) hat eine umfassende globale Studie mit dem Titel "The Remittance Trust Trap" veröffentlicht, die Verwundbarkeiten unter internationalen Remittance-Absendern untersucht. Die Forschung, die 3.500 Absender mit Einkommen unter dem Median in sechs Ländern befragte, führt den innovativen Sender Market Vulnerability Index (SMVI) ein.
Schlüsselbefunde zeigen eine besorgniserregende Diskrepanz zwischen dem Vertrauen der Absender in Remittance-Dienste und tatsächlichen Risiken, wobei 34% der globalen Absender von Cyberbetrug betroffen sind. Die Studie hebt insbesondere die Verwundbarkeiten bei Gig-Arbeitern hervor, wobei nur 3% der US-amerikanischen Migranten- und Gig-Arbeiter in der Lage sind, Ausgaben über drei Monate hinaus ohne Einkommen zu tragen. Trotz des Interesses von 90% der Befragten an Versicherungsprodukten bleibt die tatsächliche Einführung gering.
Die Forschung identifiziert marktspezifische Herausforderungen, darunter 55% der australischen Befragten, die finanzielle Schwierigkeiten melden, und 65% der singapurischen Absender, die sich um die Jobsicherheit sorgen, verglichen mit einem globalen Durchschnitt von 45%.
تشَبّ (NYSE:CB) أصدرت دراسة عالمية شاملة بعنوان «The Remittance Trust Trap» تفحص الثغرات بين مرسلي التحويلات الدولية. تقود الدراسة، التي استطلعت آراء 3,500 مرسل دخلهم دون المتوسط في ست دول، إلى تقديم المؤشر المبتكر Sender Market Vulnerability Index (SMVI).
تكشف النتائج الرئيسية فجوة مقلقة بين ثقة المرسلين في خدمات التحويل والمخاطر الفعلية، حيث أبلغ 34% من المرسلين العالميين عن ضحايا احتيال إلكتروني. وتبرز الدراسة بشكل خاص ضعف العمالة المؤقتة المستقلة، حيث فقط 3% من العمال الأمريكيين المهاجرين والعاملين بنظام الأداء المؤقت قادرون على تحمل النفقات لأكثر من ثلاثة أشهر دون دخل. بالرغم من أن 90% من المجيبين أبدوا اهتماماً بمنتجات التأمين، فإن التبني الفعلي يبقى منخفضاً.
وتحدد الدراسة تحديات سوقية خاصة، منها أن 55% من المجيبين الأستراليين يواجهون صعوبات مالية و65% من مرسلي سنغافورة يعبرون عن مخاوف تتعلق بالأمان الوظيفي، مقارنة بمتوسط عالمي قدره 45%.
Chubb（NYSE:CB） 发布了一项全面的全球研究，题为《The Remittance Trust Trap》，分析国际汇款寄出者的脆弱性。该研究在六个国家对中位收入以下的3,500名寄出者进行调查，并推出了创新的 Sender Market Vulnerability Index（SMVI）。
关键发现揭示了寄出者对汇款服务的信任与实际风险之间存在令人担忧的脱节，全球寄出者中有34%报告遭遇网络欺诈。研究特别强调零工经济工人的脆弱性，美国的移动及零工工人中仅有3%能够在无收入的情况下维持三个月以上的开支。尽管有90%的受访者对保险产品表示兴趣，但实际采用仍然较低。
研究还指出了市场特定的挑战，其中55%的澳大利亚受访者报告财务困难，65%的新加坡寄出者对工作安全表示担忧，而全球平均为45%。
- First comprehensive global study of its kind analyzing remittance sender vulnerabilities
- High demand (90% interest) for insurance products among remittance senders
- Development of innovative Sender Market Vulnerability Index (SMVI) for risk assessment
- 34% of global senders reported being victims of online fraud or cybercrime
- Only 3% of U.S. migratory and gig workers can sustain expenses beyond 3 months
- Significant disconnect between perceived security and actual protection
- Low insurance adoption rates despite high demand indicates protection gap
The inaugural Sender Market Vulnerability Index spotlights the financial fragility of foreign workers, and a disconnect between senders' trust in remittance services and their actual risk
Remittances constitute the principal, and sometimes the sole, financial conduit to many individuals and families at the household level. These remittances are not simply financial transactions but vital lifelines that contribute to nutrition, healthcare, education, and financial safety nets for recipient families. Without these funds, recipients may struggle to afford essentials like food, shelter, and clothing. And beyond individual households, remittances can contribute to local economies by increasing spending power and fostering community development.
The report highlights a significant disconnect between senders' perceived trust in remittance services and the actual risks they encounter, as measured by the launch of research's inaugural Sender Market Vulnerability Index (SMVI). This innovative and first-of-its-kind tool assesses the economic, social, and technological dimensions of vulnerability from remittance senders in key cross-border corridors (
Key Findings from "The Remittance Trust Trap" and the survey of 3,500 remittance senders:
- The Trust-Vulnerability Disconnect: The SMVI reveals a counterintuitive trend: senders who express high confidence in remittance services reaching their recipients securely often exhibit higher actual vulnerability. For instance, senders in the
UAE show strong trust despite facing substantial underlying risks (33% in theUAE vs.27% globally). This disconnect underscores a critical need for enhanced protection. - Elevated Vulnerability for Migratory and Gig Workers: Foreign and gig workers, who constitute a significant portion of remittance senders, consistently face heightened economic instability, limited social safety nets, and greater susceptibility to technological risks. Only
3% ofU.S. migratory and gig workers, for example, report that they could sustain living expenses for more than three months without income. - Cybersecurity Concerns Offset Digital Convenience: While digital remittance channels offer unparalleled convenience, over one-third (
34% ) of global senders reported being victims of online fraud or cybercrime. This figure rises to39% for foreign and gig workers in theU.S. , leading many to reduce their use of digital platforms and potentially undermining financial inclusion efforts. - High Demand, Low Adoption for Insurance: The survey found overwhelming interest in tailored insurance products among remittance senders, with nearly nine out of 10 respondents expressing significant interest in income protection, hospital cash, accident coverage, and payment protection insurance. Despite this demand, actual adoption rates remain low, highlighting a substantial protection gap.
- Surprising Market-Specific Vulnerabilities: The study revealed unexpected vulnerabilities in seemingly stable markets, with
55% of respondents of Australians -- reiterating that the study focused on below-median household incomes -- describing their financial situation as difficult. Singaporean senders expressed unusually high anxiety about job security (65% vs.45% global average).
"The global remittance system is a lifeline for millions, yet our research exposes significant hidden vulnerabilities that demand urgent attention," said Sean Ringsted, Chief Digital Business Officer at Chubb. "The 'Remittance Trust Trap' highlights that perceived security doesn't always equate to real protection, especially for the hardworking individuals who power the gig economy. It's a call to action for the entire ecosystem – insurers, remittance providers, and policymakers – to collaborate on building a safer, more resilient financial future for these essential global citizens."
The report outlines clear recommendations for stakeholders:
- For Remittance Companies and Insurers: Develop tailored insurance products (e.g., remittance theft/loss, income or personal accident protection, cyber insurance); accelerate claims response; strengthen fraud detection and data privacy; raise awareness; communicate with clarity and compassion; prioritize user financial resilience; and navigate regulation through expert partnerships.
- For Policymakers: Promote financial inclusion and access to affordable insurance; invest in educational initiatives focusing on financial literacy and digital security.
- For Individual Senders: Stay informed about cyber threats; use secure platforms; seek improved awareness and knowledge; and practice caution.
"Addressing these vulnerabilities is not just an economic necessity; it's a private and public undertaking," Ringsted added. "By innovating with accessible protection, investing in security and transparency, and empowering senders through education and reasonable regulations, we can collectively strengthen the entire system and ensure that global mobility leads to enduring opportunities for all."
Methodology
"The Remittance Trust Trap: Revealing Hidden Vulnerabilities" is based on a survey of over 3,500 international remittance senders with below-median household incomes across
About Chubb
Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 43,000 people worldwide. Additional information can be found at: www.chubb.com.
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SOURCE Chubb
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