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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 accounttakeovers and deepfakes emerging as major concerns. Notably, accounttakeovers witnessed a remarkable increase, increasing by 250% year-over-year (YoY) on a worldwide basis.
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.
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, accounttakeovers, chargeback fraud, and bot attacks.
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.
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.
. “The rise in fraud, such as scams and accounttakeovers, 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.
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, accounttakeovers, cyberattacks. Accounttakeovers were ranked second, with false accounts and money mules also rated as problems.
Sumsub, a leading global full-cycle verification platform, commits to tackling the alarming surge of fraud networks in Asia-Pacific (APAC) by launching its upgraded Fraud Prevention Solution.
Tat Wee Koh ,’ APAC sales director at NetGuardians, said: “The rise in fraud, such as scams and accounttakeovers, is a growing concern for everyone. Recognising a significant rise in fraud levels, the fintech is joining forces with NetGuardians in a move to enhance its fraud protection.
. “Many financial organisations are already adopting biometric and liveness detection technologies to strengthen their fraud prevention systems,” said Frederic Ho, Vice President of APAC at Jumio.
A new study found that from June to August 2019, an average of roughly $160,000 fraudulent transactions per month were reported by businesses, including retail and eCommerce, in APAC. Third-party accounttakeovers were only responsible for 7 percent of fraud losses.
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.
Sumsub , a global full-cycle verification platform, coins this trend as the democratisation of fraud in their 2024 APAC Identity Fraud report. According to the APAC Identity Fraud Trends 2024 report , approximately one in every 100 online platform users was involved in a fraud network in 2024.
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