The fourth annual Identity Fraud Report from Sumsub, reveals a staggering 121% year-on-year increase in identity fraud across the Asia Pacific (APAC) region.
Top-10 APAC jurisdictions with the highest percentage of fraud in 2024
This surge is attributed to increasingly sophisticated fraud tactics and the rise of Fraud-as-a-Service (FaaS). Notably, Singapore, Indonesia, and Thailand reported dramatic increases in fraud incidents, with Singapore witnessing a remarkable 207% rise.
The report highlights a troubling trend: deepfake fraud has surged by 194% in APAC and has quadrupled globally, now accounting for 7% of all fraud attempts in 2024. Penny Chai, vice president of Business Development, APAC at Sumsub, stated, “As the digital economy in APAC continues to grow, the evolving nature of fraud presents new challenges that businesses cannot afford to ignore. Robust identity protection is not just a preventive measure but a fundamental part of securing the future of digital businesses and protecting consumers in an increasingly complex landscape.”
Key findings from the report include:
- Top Identity Fraud Types: Fake documents (50%), chargebacks (15%), account takeovers (12%), deepfakes (7%), and fraud networks (4%).
- Industries Most Affected: Dating (265% increase), online media (180%), banking & insurance (162%), fintech (156%), and edtech (144%).
- Deepfake Attacks: South Korea experienced the highest increase in deepfake fraud at 735%, with Cambodia and Singapore both seeing a 240% rise.
Top 5 identity fraud types in 2024
The report also emphasises how FaaS platforms have transformed the landscape of cybercrime, making it more accessible for fraudsters to execute complex schemes with minimal investment. These platforms offer a plethora of tools for identity theft and financial fraud, enabling criminals to scale their operations significantly.
Moreover, the report notes a troubling rise in organised fraud schemes that target multiple platforms and industries, complicating detection and prevention efforts. In Q1 2024, approximately one in every 100 online platform users was linked to a fraud network, with seven of the top ten jurisdictions for such networks located in APAC.
