A naukri.com initiative
Fintechnews
4d
195
Image Credit: Fintechnews
APAC Fintech Faces 116% Spike in Fraud Linked to Deepfakes, Synthetic IDs
- Fraud cases in APAC's fintech and healthtech industries have surged significantly, with a 116% increase in fintech and a steep 723% rise in healthtech fraud cases.
- AI-driven tools like deepfakes and synthetic identity documents are being used to bypass digital verification processes, leading to the growing threat.
- Deepfake fraud has expanded to cover AI-generated job scams, with Singapore and Hong Kong experiencing substantial surges in deepfake fraud cases.
- Synthetic identity document fraud increased by 233% in APAC, surpassing the global rise of 195%, raising concerns in sectors like fintech and healthtech.
- Countries like the Philippines, Hong Kong, Thailand, Singapore, and Australia saw significant rises in synthetic identity document fraud.
- As fintech and healthtech sectors in APAC expand, projected to reach US$1.15 trillion and nearly US$488.5 billion by 2032 and 2033, respectively, Sumsub warns of escalating fraud risks.
- Sumsub's 2024 Identity Fraud Report had already highlighted rising fraud trends in APAC's digital ecosystem.
- Penny Chai, Vice President, APAC, Sumsub, emphasized the need for businesses to adopt multi-layered, adaptive defenses to combat AI-powered fraud.
- Sumsub will host the What The Fraud Summit in Singapore from 19 to 20 November 2025 to address the rising fraud threats.
- The summit aims to bring together industry stakeholders, regulators, and fraud experts to discuss strategies to combat fraud in the region.
Read Full Article
11 Likes
For uninterrupted reading, download the app