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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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Billions Lost to Fraud Despite Efforts, APAC Fintechs Grapple with Rising Threats

Fintech News

This predicament is particularly acute for fintech firms in the Asia-Pacific (APAC) region, where the fintech sector is rapidly expanding. The Evolving Fraud Landscape APAC has seen a significant uptick in corporate data breaches, profoundly impacting fintech companies. million in 2021. million in 2021.

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Sumsub Combats Fraud Networks in APAC With Upgraded Solution

Fintech News

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. This tool is designed to help businesses tackle fraud rings, account takeovers, chargeback fraud, and bot attacks.

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Helping APAC Merchants Manage The Risk And Reward Of Mobile Wallet Acceptance

PYMNTS

In a Masterclass interview with PYMNTS, Tom Donlea , vice president and general manager, APAC at global identity verification provider Ekata , said Asia offers greenfield opportunities — and some areas of risk — for merchants looking to offer digital wallets. For the firms that get it right, the opportunity within APAC is significant.

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Digital Fraud Attacks Rise 17% in Financial Services, Driven by Payment and Account Creation Fraud

Fintech News

Notably, North America saw a 30% rise in attack rates, in contrast to declines in Asia-Pacific (APAC) and Europe, the Middle East and Africa (EMEA), where rates dropped by 15% and 24%, respectively. According to the report, human-initiated attacks in financial services rose to 1.2% last year, up 8% year-over-year (YoY). of all cases.

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Netguardians Selected by PalawanPay to Deliver Best-in-Class Fraud Protection for Customers in the Philippines

Fintech Finance

. “The rise in fraud, such as scams and account takeovers, is a growing concern for everyone. Our solutions can accurately detect suspicious transactions without disrupting customer service,” added Tat Wee Koh, NetGuardians’ APAC Sales Director.

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Survey: Real-time Payments Fraud Up for 4 out of 5 APAC Banks

FICO

Interestingly, nearly half of the respondents (46 percent) are currently only using 1 or 2 of these strategies , potentially leaving them more exposed to attack vectors such as identity theft, account takeovers, cyberattacks. Account takeovers were ranked second, with false accounts and money mules also rated as problems.