THE Asia Pacific (APAC) region has experienced a dramatic rise in identity fraud, with incidents increasing by 121 percent year-on-year in 2024, according to Sumsub, a full-cycle verification platform.
Released in its fourth annual Identity Fraud Report, the findings highlight the growing sophistication of fraud tactics and the prevalence of Fraud-as-a-Service (FaaS) as key drivers of this trend. Countries such as Singapore, Thailand, and Indonesia have seen the most significant increases in fraud, recording surges of 207 percent, 206 percent, and 201 percent, respectively. Notably, deepfake fraud has emerged as a major concern, increasing by 194 percent year-on-year in APAC and growing fourfold globally to account for 7 percent of all fraud attempts in 2024.
“As the digital economy in APAC continues to grow, the evolving nature of fraud presents new challenges that businesses cannot afford to ignore. With tactics becoming more sophisticated and fraud becoming more accessible, the need for enhanced verification measures is more urgent than ever. 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,” stated Penny Chai, Vice President of Business Development, APAC at Sumsub.
The report identifies the most common types of identity fraud in 2024, with fake documents leading at 50 percent of cases, followed by chargebacks (15 percent), account takeovers (12 percent), deepfakes (7 percent), and fraud networks (4 percent). Additionally, industries experiencing the highest growth in fraud include dating (265 percent), online media (180 percent), banking and insurance (162 percent), fintech (156 percent), and edtech (144 percent). Deepfake attacks have been particularly prominent in South Korea, which saw a staggering increase of 735 percent, while Cambodia and Singapore each recorded a 240 percent rise. The report also highlights growing public concern, with 85 percent of respondents in Sumsub’s Fraud Exposure Survey expressing fears about deepfakes’ potential impact on elections.
The increasing affordability and accessibility of fraud resources, driven by FaaS platforms, have transformed the cybercrime landscape. These platforms offer tools and services for identity theft, account takeovers, and financial fraud, enabling large-scale operations with minimal technical expertise. The scalability of FaaS allows fraudsters to conduct more frequent and diverse attacks, making it challenging for businesses to effectively detect and mitigate fraud.
