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

Fintech News

Deepfake-related fraud has expanded beyond impersonation and election interference to include AI-generated job scams. The study also highlights a significant rise in synthetic identity document fraud, which increased by 233 percent across APAC, outpacing the global rise of 195 percent. said Penny Chai, Vice President, APAC, Sumsub.

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Eftsure Joins Nacha as Preferred Partner to Strengthen ACH Payment Security

Trade Credit & Liquidity Management

This approach helps prevent common threats such as business email compromise (BEC), fake invoices, insider scams, and duplicate payments. “Cybercrime and scam tactics are evolving rapidly, which is why businesses need collaborative, borderless solutions,” said Jon Soldan, Eftsure CEO. This expansion empowers U.S.

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

The Fintech Times

” In one instance, AU10TIX detected a single mega attack spanning four geographies (APAC, EMEA, LATAM, NA) and three industries (payments, crypto, social media). Fraud trends in 2024 AU10TIX revealed that APAC led the pack as the epicentre of 2024s mega attacks, taking 88 per cent of the overall share.

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Can Crypto Firms Catch Up on Compliance Gaps as Regulations Evolve?

Fintech News

As crypto adoption accelerates, regulators are ramping up enforcement of the Financial Action Task Force’s (FATF) Travel Rule compliance in APAC. Identity fraud is a major concern, especially with the use of AI to carry out sophisticated scams. Download the Guide to Secure Crypto Payments in APAC, with Sumsub and RedotPay.

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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. AI has made scams faster, cheaper, and harder to detect. This report is the flagship release within that effort.

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The Fintech Times – Edition 59

The Fintech Times

Plus, we dive into cybersecurity challenges, proactive AI governance, and the evolving risks of AI-driven scams. Across different regions – from Europe and the US to APAC and LATAM – banks are tweaking their AI strategies to their unique market conditions. Happy reading! Happy reading!

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

Fintech News

Fragmented compliance requirements, inconsistent reporting standards, and widespread adoption of remote onboarding all combine to make APAC an ideal testing ground for cybercriminals. Consider Hong Kong, where in early 2024 a deepfake scam tricked a corporate employee into transferring USD $25.6 APAC is on the same trajectory.

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