Remove 2023 Remove Account Takeovers Remove Deepfake
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Identity Fraud Surges in Scale and Sophistication, with APAC’s Financial Services Becoming a Prime Target

Fintech News

Data from identity verification specialist Sumsub reveal that identity fraud incidents have more than doubled in the past three years, with account takeovers and deepfakes emerging as major concerns. Notably, account takeovers witnessed a remarkable increase, increasing by 250% year-over-year (YoY) on a worldwide basis.

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Digital Document Forgeries Overtake Physical Forgeries For the First Time As Deepfakes on the Rise

The Fintech Times

In its sixth edition, the 2025 Identity Fraud Report found that attacks involving deepfakes happened every five minutes in 2024, and digital document forgeries increased by 244 per cent year over year. Another way fraudsters are abusing financial firms is through AI-assisted deepfakes. per cent in 2023 to 9.5 per cent in 2024.

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Sumsub Combats Fraud Networks in APAC With Upgraded Solution

Fintech News

This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks. Research by Sumsub shows that one in every 100 users of digital platforms globally became a victim of fraud ring activities in 2023. Businesses must be prepared for this and protect their platforms in advance”.

APACS 108
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Taking the Preemptive Strike to Thwart Rising Scams and Fraud in ASEAN Banking

Fintech News

The bank’s customers also fell victim to a phishing scheme involving WhatsApp Web that ensnared more than 90 individuals in 2023, causing losses totalling S$176,000 (approx. A notable example is the recent US$25 million scam in Hong Kong, where scammers used deepfake technology to impersonate company executives in a video call.

Scams 109
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Payments 2024: Predictions With Brightwell, 40Seas, Wink, ConnectPay, Swipesum, Paystrax

The Fintech Times

We’re excited to share the thoughts of fintech CEOs and industry leaders from across the globe to 2023’s key takeaways and what we should expect to be top of the agenda in 2024. “As hackers continue to gain access to powerful AI tools, we can expect this trend to gain greater prominence in 2024.

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The platform risk paradox: Managing digital commerce fraud at scale

The Payments Association

The volume of Magecart e-skimmer infections reached nearly 11,000 unique e-commerce domains in 2024, representing a threefold increase from 2023. AI-driven scams leverage sophisticated attacks from phishing emails to deepfake videos and voice impersonations. However, payments leaders are fighting back with AI-powered defences.

Risk 88
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Six Alums Raised More Than $16 Million in Q3 2024

Finovate

-based tech companies in Q3 of this year fell , both in comparison to the previous quarter as well as when compared to Q3 2023. Tracxn also reported that the number of tech unicorns actually increased this year compared to last year, with 13 new unicorns acknowledged in Q3 2024 compared to just five in Q3 2023.