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APAC Fintech Faces 116% Spike in Fraud Linked to Deepfakes, Synthetic IDs

Fintech News

Fraud in Asia Pacific’s fintech and healthtech industries has risen sharply over the past year, according to new data from global verification provider Sumsub. Deepfake-related fraud has expanded beyond impersonation and election interference to include AI-generated job scams. said Penny Chai, Vice President, APAC, Sumsub.

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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. Deepfake cases grew even more significantly, surging fourfold between 2023 and 2024 to account for 7% of all fraud attempts.

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Identity Fraud Attacks on Social Media Rose by 27% in 2024 Alone, Reveals AU10TIX

The Fintech Times

“Using AI-driven tactics such as deepfake selfies and synthetic identities, organised fraudsters are testing traditional security measures like never before. ” In one instance, AU10TIX detected a single mega attack spanning four geographies (APAC, EMEA, LATAM, NA) and three industries (payments, crypto, social media). .”

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Meet Grey Nickel, the AI Crime Syndicate Targeting Banks and Crypto Across Asia

Fintech News

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

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Crypto Scam Losses Exceeded $4Billion in 2024, Driven by Deepfake and AI Tech, Says Bitget

The Fintech Times

Global crypto scam losses surged to $4.6billion in 2024, with deepfake technology and social engineering emerging as the dominant tactics behind high-value thefts, according to crypto exchange and Web3 company Bitget. “This report reflects the real-world patterns we’re seeing on-chain every day.

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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. The incidence of network fraud in APAC is notably higher than in other regions, with Asia reporting an average of 2.6%

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The Shifting Landscape of Fraud and Identity in 2024

Fintech News

Tackling such sophisticated identity fraud will be a priority across APAC in 2024. APAC nations face unique fraud challenges In the Jumio report, a concerning picture emerges for the Asia-Pacific (APAC) region, where significant challenges related to fraud and identity issues are on the rise.

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