Identity fraud across the Asia Pacific region (APAC) continues to rise, driven by increasingly sophisticated fraud tactics and the more widespread use of Fraud-as-a-Service (FaaS), according to the latest report from full-cycle verification platform, Sumsub.
The fourth annual Identity Fraud Report from Sumsub reveals a 121 per cent year-on-year (YoY) increase in identity fraud in 2024 across APAC, according to its internal verification data. The verification platform also recorded significant surges in identity fraud in:
Singapore (207 per cent)
Indonesia (205 per cent)
Thailand (201 per cent)
Meanwhile, deepfake fraud saw a 194 per cent YoY spike in APAC and increased four times globally, now making up seven per cent of all fraud attempts in 2024. South Korea experienced the highest increase in deepfake attacks at 735 per cent, followed by Cambodia and Singapore, both at 240 per cent.
Sumsub revealed that 85 per cent of respondents of its Fraud Exposure Survey 2024 in APAC are concerned about deepfakes, expressing fear about their future impact on elections.
The top five identity fraud types in 2024 are:
Fake documents (50 per cent)
Chargebacks (15 per cent)
Account takeovers (12 per cent)
Deepfakes (seven per cent)
Fraud networks (four per cent)
“As the digital economy in APAC continues to grow, the evolving nature of fraud presents new challenges that businesses cannot afford to ignore,” explained Penny Chai, vice president of business development, APAC at Sumsub. “With tactics becoming more sophisticated and fraud becoming more accessible, the need for enhanced verification measures is more urgent than ever. Robust identity protection is not just a preventive measure but a fundamental part of securing the future of digital businesses and protecting consumers in an increasingly complex landscape.”
Fighting fraud-as-a-service
Sumsub says that the economics of fraud have shifted dramatically, making it more affordable than ever for fraudsters to execute large-scale operations with minimal investment. Anyone can access the resources needed to launch fraudulent schemes, regardless of their technical expertise. This shift is largely driven by FaaS platforms and widely available fraud tools, which provide a range of services to facilitate cybercrime, including identity theft, account takeovers, and financial fraud.
The scalability offered by FaaS models further amplifies the issue, enabling fraudsters to launch a higher volume of attacks and making it even more difficult for businesses to detect, prevent, and mitigate fraud effectively.
The shift towards a digital-first economy presents greater opportunities for fraudsters, making it even more critical for businesses and governments to take proactive measures. Without a robust framework for identity verification and fraud prevention, the rise in cybercrime will continue to undermine the growth of the digital economy and erode consumer trust.
The post Deepfake Fraud Jumps by 194% in APAC, as Fraud-as-a-Service Becomes More Widespread, Sumsub Reveals appeared first on The Fintech Times.
