Identity Fraud in Asia-Pacific Sees Significant Increase in 2024

According to Foresight News, a report by research firm Sumsub reveals a 121% year-on-year increase in identity fraud rates in the Asia-Pacific region for 2024. The report highlights significant growth in identity fraud in Singapore (207%), Indonesia (205%), and Thailand (201%). Deepfake fraud has surged by 194%, accounting for 7% of fraud attempts. Fraud-as-a-Service (FaaS) platforms have amplified the scale of attacks, with approximately 1 in 100 online users involved in cyber fraud. The report identifies Thailand, China, and Singapore as among the seven most affected areas by fraud networks in the APAC region.