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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. of all verifications analyzed worldwide by Sumsub, marking a staggering 136.4% of all deepfake attacks directed at the industry.
Across 2022 and 2023, indiscriminate attack levels ranged from 50,000 to 100,000 times per month. The buzz surrounding Artificial Intelligence ( AI ) continued throughout 2023, right the way through to now – thanks to the seemingly limitless potential of the emerging technology.
User-friendly fraud-as-a-service (FaaS) kits that enable amateurs to execute complex attacks against thousands of accounts in minutes are becoming increasingly available online, AU10TIX , the identity verification and management technology provider, has revealed.
However, this powerful technology has also been exploited by malicious actors to create deepfakes – highly convincing simulations of individuals saying or doing things they never actually did. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.
At the centre of this threat is Grey Nickel , a sophisticated cybercriminal group using deepfakes, synthetic identities, and AI-powered attack tools to breach banks, crypto exchanges, and digital payment platforms. Consider Hong Kong, where in early 2024 a deepfake scam tricked a corporate employee into transferring USD $25.6
A significant four-fold surge in deepfakes worldwide from 2023 to 2024 further underscores the increasing role of AI in fraud. Deepfakes now account for 7% of all fraud cases. Additionally, businesses face growing financial risks, with the average cost per fraud event around USD $300,000.
Sumsub, a full-cycle verification platform, today releases its “State of Verification and Monitoring in the Crypto Industry 2023” report. The findings focus.
But with innovation comes risk – especially around identity verification and fraud prevention. By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience. Singapore is one of the world’s leading hubs for fintech innovation.
The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes. Additionally, with consumer consent, IDVerse applies biometric algorithms for identity verification and liveness detection to identify potential fraud. The firm rebranded as IDVerse in 2023.
Meanwhile, in Malaysia, progress for digital identity is also underway, Prime Minister Datuk Seri Anwar Ibrahim in December 2023 registered with the National Digital Identity, making him the first person in the country to do so.
Sumsub, a global verification provider, has announced strategic partnerships with several resellers in Southeast Asia including Nexus Technologies in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in Malaysia. Sumsub established its first APAC headquarters in Singapore in July 2023.
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. ” Struggles with onboarding Digital identity verification is a vital part of the onboarding process. per cent in 2023 to 9.5
What’s even more alarming is the stark increase in this fraud rate, which surged by 24 percent from 2022 to 2023. To address these issues, the Reserve Bank of India (RBI) took action in 2023 by mandating stricter IT governance and risk controls.
Understanding AI-enabled fraud As fraudsters invest in more sophisticated technology, including deepfakes, synthetic identities and automated phishing, the need for payments firms to adopt better AI-driven fraud detection systems grows. fingerprints, facial recognition), and behavioural biometrics (e.g.,
Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. Research by Sumsub shows that one in every 100 users of digital platforms globally became a victim of fraud ring activities in 2023.
The partnership will combine Daon’s identity verification and biometric authentication technology with Giesecke+Devrient’s digital security product suite. Founded in 1852, the company generated a turnover of three billion euros in fiscal year 2023. “Security has always been at the core of G+D’s mission.
Sumsub, a global verification provider, has integrated with Chainalysis, a blockchain data platform. This trend is underscored by Sumsub’s reports, which note a 128 percent increase in deepfake incidents in 2023, with the Asia-Pacific region experiencing a 1530 percent surge.
Sumsub, a global verification and compliance provider, announced its partnership with crypto exchange Binance to integrate its Travel Rule solutio n through the Global Travel Rule (GTR) Alliance.
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.
Banks are coming under an increasingly intense barrage of cybersecurity attacks, and many of these now use deepfakes and generative AI to make the initial breach. Firms continuing to use dated means of verification and user authentication could pay if they do not make changes.
AU10TIX expands its Digital ID identity verification solution Israel-based identity verification and management specialist AU10TIX announced the expansion of its Digital ID solution this week. Serving as a verification hub for businesses, AU10TIX’s Digital ID solution enables faster and more accurate identity verification.
AU10TIX, a company specialising in identity verification and management, also reveals significant vulnerabilities in the Asia-Pacific (APAC) region, where financial-related identity fraud has been escalating. Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge.
To keep up, organisations need to move away from simple, KYC-focused verification and towards a proactive, multi-layered approach." The volume of Magecart e-skimmer infections reached nearly 11,000 unique e-commerce domains in 2024, representing a threefold increase from 2023.
Sumsub , a global full-cycle verification platform, has officially become a member of the Singapore FinTech Association (SFA). The report addresses identity fraud across industries and regions based on millions of verification checks across 28 industries and over 2,000,000 fraud cases between 2022-2023.
Sumsub , a global full-cycle verification and compliance provider, has completed the integration of its Travel Rule solution with Binance , the crypto exchange platform, through the Global Travel Rule (GTR) Alliance. It released its findings in its ‘ State of Verification and Monitoring in the Crypto Industry 2023 ‘ report.
Identity verification solution and infrastructure company IDVerse announced a partnership with Hastings Direct Loans. based lender will leverage IDVerse’s technology to enhance the accuracy and reliability of its identity verification process. The company rebranded to IDVerse in 2023.
Emerging technology such as AI has enabled threat actors to take a sophisticated approach to fraud, with global full-cycle identity verification platform, Sumsub , revealing a 10x increase in the number of deepfakes detected worldwide from 2022 to 2023.
In 2023, the most prevalent types of fraud included identity fraud, facility takeovers, and misuse of facilities, reflecting the persistent and evolving nature of these threats. The Financial Crime 360 State of the Industry Survey 2024, which involved 150 participants from 32 countries, provides critical insights into the payments industry.
As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financial inclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. This leaves many vulnerable to sophisticated AI-powered attacks like deepfakes and voice cloning.
Fraud rates have taken off globally, particularly in Europe, where deepfake fraud incidents have risen by 142% between 2023 and 2024. Sumsubs internal data shows that deepfakes are present in 7% of all fraud cases globally.
Sumsub , a global full-cycle verification platform, coins this trend as the democratisation of fraud in their 2024 APAC Identity Fraud report. Average deepfake fraud growth by region, 2024 As economies across APAC continue to digitalise, the threat of identity fraud will only escalate.
Billion in 2023 to 267.3 Online streaming video, credit-card verification sites, Web referral rings, and video technology like Flash can be traced back to innovations designed to share and sell adult content. 5 minute read A recent market research report predicts the Global Adult Entertainment Market will grow from USD 172.5
trillion flowed through the global financial system in 2023. Jimmy Roussel, COO at ID verification provider IDScan. Criminals are becoming increasingly sophisticated, employing tactics such as generating fake IDs, using deepfake images and video, and mimicking human movements to deceive detection systems, says Roussel.
This year’s extravaganza brought together some of the most innovative minds in fintech, with a range of new product launches and partnerships aimed at advancing payments, financial services and identity verification. Here’s a roundup of the key announcements at Money20/20 USA 2024. ” said Dan Yerushalmi , CEO of AU10TIX. .”
Philipp Pointner, Chief of Digital Identity, Jumio Corporation, expects fraud to evolve into an industrial-scale issue, with attackers leveraging advanced AI tools to create fake identities and deepfakes at an unprecedented scale. Hong Kong saw growth from 22% in 2021 to 29% in 2023.
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